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CapitaLand Investment reports lower fund management fee-related earnings but higher RevPAU in 1QFY2023

Felicia Tan
·2-min read

The group’s funds under management (FUM) stood at $89 billion during the quarter.

CapitaLand Investment (CLI) 9CI reported revenue for its fee income-related business (FRB) of $255 million, 3% lower y-o-y. Excluding event-driven private fund performance fees recognised in 1QFY2022, FRB's revenue for this quarter would have increased by 10% y-o-y.

The group’s real estate investment business (REIB) revenue rose by 11% y-o-y to $447 million.

During the quarter, CLI saw lower fund management (FM) fee-related earnings (FRE) of $102 million, 23% down y-o-y. The amount includes performance fees of $31 million from a Vietnam and Singapore fund recognised under other operating income.

The group’s funds under management (FUM) stood at $89 billion during the quarter. Including embedded FUM of $7 billion, CLI’s total FUM for the quarter stood at $96 billion.

Accordingly, 1QFY2023 FM FRE/FUM stood at 45 basis points (bps), down from 49 bps as at the FY2022 ended Dec 31, 2022.

The group’s total transacted value year-to-date (ytd) under its fund management segment stood at $1.5 billion as at May 10.

Under lodging management, CLI reported revenue per available unit (RevPAU) of $81, 42.1% higher y-o-y, as the group’s RevPAU rose across all of its key markets.

Lodging management FRE rose by 38% y-o-y to $76 million.

During the quarter, the lodging management business signed over 4,000 units and opened over 920 units in the same period.

As at March 31, occupancy stood at 67%, 13 percentage points higher y-o-y. Total lodging units as at March 31, stood at 161,000.

Under capital management, the group has $5.8 billion in group cash and undrawn facilities of CLI’s treasury vehicles as well as $425 million in fixed-rate 4.20% senior notes due 2030.

As at 10.23am, shares in CLI are trading 2 cents lower or 0.53% down at $3.76.

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