CICT posts 66.6% rise in Q1 net property income to S$247.1m

CAPITALAND Integrated Commercial Trust (CICT) saw its net property income (NPI) rise 66.6 per cent in the first quarter ended March 31, 2021 to S$247.1 million from S$172.1 million a year ago, reported its manager in a business update on Monday morning.

Gross revenue rose 63.9 per cent year on year to S$334.8 million from S$204.3 million in Q1 2020.

The improved revenue and NPI for Q1 were mainly due to higher integrated development performance compared to the previous year, as well as after factoring in income contribution from office assets starting from Oct 21, 2020.

As at March 31, 2021, CICT's committed portfolio occupancy stood at 95.9 per cent.

The Reit's retail occupancy stood at 97.1 per cent with shopper traffic recovering to 74.3 per cent of the level a year ago, while tenants' sales for Q1 grew 2.9 per cent.

Office occupancy was 94.9 per cent, boosted by a 5.3 per cent increase in total new and renewal leases to 291,800 square feet (sq ft) for the quarter.

Occupancy rate of integrated developments stood at 96.5 per cent as at end-March 2021, with a weighted average lease expiry by monthly gross rental income of five years.

Overall, CICT's portfolio weighted average lease expiry stood at 3.1 years based on the Reit's 50 per cent interest in One George Street, 94.9 per cent interest in Gallileo and Main Airport Center, Frankfurt, and WeWork's seven-year lease at 21 Collyer Quay.

After issuing two long tenor notes through its S$7 billion multicurrency medium term note programme in Q1, the trust's average term to maturity has been extended to 4.4 years as at end-March 2021, compared to 4.1 years as at end-2020.

In its business update, the Reit manager said CapitaSpring is on track to complete in H2 of 2021. The upcoming integrated development at Raffles Place has achieved a committed occupancy of 50 per cent as at April 15, 2021 - with another 15 per cent under advance negotiation, it added.

Units of CICT advanced S$0.02 or 0.92 per cent to end at S$2.19 on Monday.