CICT net property income jumps 6.2% YoY to $501.6m in H1

This was driven by the completion of acquisitions and higher rental income.

CapitaLand Integrated Commercial Trust (CICT) recorded a 6.2% year-on-year (YoY) increase in net property income in the first half of 2022 to reach $501.6m, on the back of acquisitions completion and higher rental income.

In a statement, CICT said its gross revenue rose 6.5% YoY to $645.7m.

It said that the positive financial performance was mainly driven by contributions from the completion of acquisitions of 70% interest in CapitaSky and three Australian assets and the higher rental income.

However, this was partially offset by the divestment of JCube and higher operating expenses.

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Meanwhile, its distributable income increased 3.4% You to $347.3m, bringing the DPU to 5.22 cents.

CICT Manager Limited DEO Tony Tan said the company continues to see portfolio recovery for CICT as Singapore reopens its borders and eases COVID-19 community measures.

“Riding on the positive momentum, CICT’s operating metrics, including tenant sales, shopper traffic, atrium space take-up and return of office community have recorded improvements,” Tan said. 

“As Singapore welcomes more international visitors, we are also seeing higher occupancy levels for the hotels at Raffles City Singapore and the serviced residence at CapitaSpring,” he added.

He said that contributions from the completion of the acquisitions of 70% interest in CapitaSky and three Australian assets were expected to boos portfolio performance from the third quarter.

CICT’s adjusted net asset value per unit, excluding the distributable income to unitholders, was marginally higher at $2.07 in the first half, compared to the $2.06 in the previous six months.