CLCT's net property income hit by lower logistics park earnings

The REIT reported a 7.7% YoY lower NPI of RMB313m in 1Q24.

CapitaLand China Trust's (CLCT) net property income slipped by 7.7% YoY to RMB313m ($58.7m) in 1Q24.

In SGD terms, NPI fell 11.8% YoY due to a 4.7% YoY depreciation of RMB to SGD.

In a bourse filing, CLCT attributed its NPI contraction to "lower contributions from logistics parks and the absence of one-off property tax refund from business parks."

CLCT's logistics park segment accounts for 7.1% of its assets under management (AUM). The occupancy rate of the segment stood at 67.6% in 1Q24. CLCT has four logistics parks with a total valuation of RMB1.6b ($300.2m).

The retail segment still accounted for 75.9% of CLCT's AUM, whilst Business Park accounted for 17.0%.

Meanwhile, the REIT also recorded a 1.6% YoY lower gross revenue of RMB468.1m ($87.8m).