CapitaLand Integrated Commercial Trust posts 7.9% rise in Q1 NPI to S$314.4 million

[SINGAPORE] CapitaLand Integrated Commercial Trust (CICT) posted on Friday (Apr 24) a 7.9 per cent rise in net property income (NPI) to S$314.4 million for its first quarter ended Mar 31, 2026, from S$291.5 million in the previous corresponding period.

This came as revenue for the quarter rose 8 per cent to S$426.7 million from S$395.3 million a year earlier.

This was mainly due to the step-up acquisition to a 100 per cent interest in CapitaSpring and the income contribution from Gallileo, the manager said in a Q1 business update.

The real estate investment trust’s (Reit) retail portfolio achieved a positive rent reversion of 4.4 per cent, and the office portfolio recorded a positive reversion of 6.1 per cent.

Portfolio occupancy stood at 95.2 per cent as at Mar 31, 2026, 1.7 per cent lower than the previous quarter. The manager noted that lower occupancy was largely due to CQ @ Clarke Quay, Funan (office) and Main Airport Center.

Its weighted average lease expiry stood at three years and was stable on the quarter.

On the capital management front, aggregate leverage was 38.5 per cent with average cost of debt at 2.9 per cent.

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.

On Monday, the manager announced a proposed acquisition of a 100 per cent interest in Paragon for S$3.9 billion.

SEE ALSO

Paragon’s journey from car showroom to S$3.9 billion jewel

CICT leans on ‘bold acquisitions’ and asset recycling to drive growth

This move involves redeploying proceeds from the sale of Asia Square Tower 2 (AST2), which was divested at an agreed value of S$2.48 billion. The manager expects the Paragon acquisition to provide a net yield of 3.9 per cent, compared with AST2’s exit yield of 3 per cent.

The manager also highlighted a S$160 million asset enhancement at Plaza Singapura and The Atrium@Orchard, which will be carried out from Q3 2026 to Q4 2028.

Units of CICT closed S$0.01 or 0.4 per cent lower at S$2.48 on Thursday.