[SINGAPORE] CapitaLand Integrated Commercial Trust posted a net property income (NPI) of S$291.5 million for its first quarter of FY2025, a 0.8 per cent fall from the previous corresponding period.
This came as revenue shrank 0.8 per cent on the year to S$395.3 million.
The marginal declines in NPI and revenue were largely the result of the absence of income from 21 Collyer Quay, an office building that CICT divested in November 2024, the manager said on Friday (Apr 25).
Assuming no income from the divested property was recorded for Q1 of FY2024, the real estate investment trust (Reit) would have logged 1.1 per cent higher revenue and 1.4 per cent growth in NPI, said the manager.
Contributions from joint ventures such as ION Orchard were reflected only at the distributable income level, the manager added.
Its portfolio occupancy remained healthy at 96.4 per cent as at Mar 31, 2025, having eased slightly from 96.7 per cent in the previous quarter, from the expiries of leases.
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Its weighted average lease expiry stood at 3.2 years and was stable on the quarter.
Based on the group’s borrowings, including proportionate share of borrowings in joint ventures as at March, the manager noted that CICT had a well-spread debt maturity profile.
Aggregate leverage as at Mar 31, 2025, was at 38.7 per cent, compared to 38.5 per cent as at Dec 31, 2024. Its interest coverage ratio was 3.2 times, from 3.1 times as at end 2024. Average cost of debt stood at 3.4 per cent, down slightly from 3.6 per cent.
Leasing activity was healthy across its portfolio, as the manager noted that new and renewed leases for Q1 totalled 209,500 square feet (sq ft) for its retail portfolio, and 203,500 sq ft for its office portfolio.
In the year to date, rent reversions as at March stood at a positive 10.4 per cent for its retail portfolio, and a positive 5.4 per cent for its office portfolio.
Strong rent reversion momentum in the retail portfolio for Q1 of 2025 is set to stay positive, but at a more tempered pace over the next few quarters.
Units of CICT ended Thursday flat at S$2.14, before the announcement.
