CICT’s net property income up by 0.5% YoY in Q1

This was due to its integrated development performance.

Capitaland Integrated Commercial Trust (CICT) documented a net property income of $248.3m in the first quarter (Q1) of 2022, which is 0.5% higher than the $246.1m recorded in the same period last year.

As this happened, the real estate investment trust’s gross revenue grew by 1.5%, on a yearly basis, to $339.7m in Q1 2022 from $334.8m in Q1 2021.

The increase was on the back of integrated development performance, CICT said.

The firm noted some completed transactions such as divestment of shopping centre JCube last March, completed the acquisition of a property in Australia namely 66 Goulburn Street and 100 Arthur Street, and completed acquisition of 70% interest in CapitaSky, which is a Grade A Office previously called 79 Robinson Road.

It also reported a retail occupancy of 96.6%, as of March 2022, and a retention rate of 91% in Q1 2022.