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CICT reports 11.3% higher NPI of $276.3 mil in 1QFY2023 update

Felicia Tan
·2-min read

CICT’s aggregate leverage stood at 40.9% as at March 31, up 0.5 percentage points q-o-q.

CapitaLand Integrated Commercial Trust (CICT) C38U has reported gross revenue of $388.5 million in the 1QFY2023 ended March 31, 14.4% higher y-o-y.

CICT’s net property income (NPI) rose by 11.3% y-o-y to $276.3 million.

The higher gross revenue and NPI were driven by the full quarter contributions from acquisitions that were completed in the 1HFY2022. Higher gross rental income from CICT’s existing properties also contributed to the higher figures, although this was offset by higher operating expenses mainly from utilities and the divestment of JCube in March 2022.

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Gross revenue for CICT’s retail assets rose by 1.5% y-o-y to $144.8 million although NPI fell by 0.6% y-o-y to $101.2 million.

CICT’s office assets saw improvements in gross revenue and NPI at $128.2 million and $92.9 million respectively, up 31.4% and 25.5% y-o-y.

CICT’s integrated development also saw growths in gross revenue and NPI of $115.5 million and $82.2 million, up 16.1% and 13.4% y-o-y.

As at March 31, CICT’s portfolio occupancy rose by 0.4 percentage points q-o-q to 96.2% with a weighted average lease expiry (WALE) of 3.7 years by gross rental income (GRI).

In the 1QFY2023, the REIT had a total net lettable area (NLA) of 463,595 sq ft in new and renewed leases. Rent reversion stood at a positive 6.0% for its retail portfolio and a positive 4.2% for its office portfolio.

CICT’s aggregate leverage stood at 40.9% as at March 31, up 0.5 percentage points q-o-q. Of its total borrowings, 77% of them are on fixed interest rates, down 4 percentage points q-o-q. Its interest coverage stood at 3.4x as at March 31.

Should interest rates rise by 1% per annum (p.a.), CICT's estimated distribution per unit (DPU) will fall by 0.34 cents based on the number of units that were in issue as at March 31.

As at 9.54am, units in CICT are trading 2 cents higher or 0.99% up at $2.04.

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