CICT’s net profit rises to $478.92m in H2 2021

This pushed the trust’s distributable income to $259.7m.

CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) rose to $478.92m in the second half of 2021 (H2 2021) from $296.39m in H2 2020.

The NPI brought the trust’s distributable income from 1 July 2021 to 31 December 2021 to $259.7m, higher compared to H2 2020’s record of $259.67m.

Meanwhile, distribution per unit (DPU) for H2 2021 was 5.22 cents, which comprise of the Advanced Distribution of 4.85 cents for the period 1 July to 15 December 2021 to the private placement in December 2021; and a DPU of 0.37 cents for the period 16 to 31 December 2021.

The former was paid to CICT unitholders on 28 January, whilst the latter is to be distributed on 15 March.

CICT’s manager, CapitaLand Integrated Commercial Trust Management Limited (CICTML), said the increase in the distributable income was driven by the “contribution from CapitaLand Commercial Trust (CCT) assets and 100% contribution from Raffles City
Singapore after the merger with CCT in H2 2021.”

Apart from income, CICT’s aggregate portfolio property value also increased in H2 2021 by 3.5% year-on-year to $22.5b, “as set out in the independent appraisals of the Group’s investment properties.”

Tony Tan, CEO of CICTML, said the increase in the trust's aggregate portfolio property value signifies “an improving outlook for Singapore’s retail and office market.”

“H2 2021 saw the active and disciplined execution of CICT’s portfolio reconstitution strategy, whereby capital unlocked from the sale of non-core assets was recycled into higher-yielding investment opportunities that enhance CICT’s foundation for growth,” Tan added.

In 2022, Tan said CICT will continue to reconstruct its portfolio by unlocking capital from the sale of non-core assets and recycling it into higher-yielding investment opportunities.

“This journey continues into 2022 as we unlock the value of JCube through an asset sale for $340m. Going forward, we will continue to stay nimble and flexible as we strive to further strengthen CICT’s portfolio and ride the economic recovery of Singapore, Australia, and Germany,” Tan said.

As of 31 December, CICT has a committed portfolio occupancy at 93.9%; retail assets at 96.8%; office assets at 91.5%; and integrated developments at 96%.