CICT’s Q3 net property income rises 1.6% to S$294.4 million
Its NPI for the year to date edges up 0.2% to S$874.2 million
[SINGAPORE] CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) grew 1.6 per cent year on year to S$294.4 million for the third quarter ended September 2025, with revenue increasing 1.5 per cent to S$403.9 million.
In its Q3 business update on Tuesday (Oct 28), CICT’s manager said the real estate investment trust’s NPI for the year to date edged up 0.2 per cent to S$874.2 million, and revenue was 0.1 per cent higher at S$1.2 billion.
The increase comes on the back of the trust’s full acquisition of CapitaSpring office in August this year.
The trust bought over the 55 per cent interest in the office and retail component of CapitaSpring that it did not already own for S$1 billion.
CICT’s aggregate leverage stood at 39.2 per cent as at end-September, up from 37.9 per cent as at end-June, while portfolio weighted average lease to expiry was 3.2 years.
The trust’s total borrowings stood at S$10.1 billion, up from S$8.8 billion as at end-June.
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Committed occupancy rose to 97.2 per cent end-September versus 96.3 per cent as at end-June.
CICT also noted a positive rent reversion in the year to date for its office portfolio which increased 6.5 per cent, and retail portfolio which rose 7.8 per cent.
Across asset types, CICT recorded higher revenue from its office and retail portfolios in Q3. Revenue from its retail portfolio rose to S$151.7 million, up from S$146.9 million a year ago, while the office portfolio increased to S$131.3 million from S$129.3 million.
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In contrast, revenue from its integrated development portfolio edged down to S$120.9 million, compared with S$121.7 million previously.
In terms of NPI, the retail portfolio posted S$108.5 million, up from S$104.3 million, while the office portfolio held steady at S$98.2 million. NPI from the integrated development portfolio rose slightly to S$87.7 million, from S$87.3 million a year earlier.
On its income outlook, the manager said positive rent reversions for leases signed in the previous financial year will continue to contribute to revenue in FY2025.
Its Gallileo property is also expected to contribute more meaningfully from FY2026.
Units of CICT ended on Monday S$0.01 or 0.4 per cent higher at S$2.41.
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