CapitaLand : C38U 0% Integrated Commercial Trust : C38U 0% (CICT) on Friday (Apr 19) posted a 6.3 per cent rise in net property income (NPI) to S$293.7 million for its first quarter ended Mar 31.

Its manager said in a business update that the growth in NPI was supported by a rise in gross rental income and lower operating expenses.

The real estate investment trust (Reit) recorded a 2.6 per cent increase in gross revenue to S$398.6 million.

Its retail and office assets, as well as integrated developments, also booked year-on-year gains in gross revenue and NPI.

Portfolio committed occupancy stood at 97 per cent for the quarter, down 0.3 percentage point from the previous quarter. Its weighted average lease expiry was up slightly by 0.2 years to 3.6 years, while the average debt term to maturity fell 0.1 years to 3.8 years.

Its aggregate leverage stood at 40 per cent as at Mar 31, up slightly from 39.9 per cent as at Dec 31, 2023.

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During the quarter, CICT commenced its asset enhancement initiatives for IMM Building in Singapore and the skyscraper Gallileo in Frankfurt, Germany. It obtained a lease agreement with the European Central Bank for 93 per cent of Gallileo’s net lettable area.

CICT’s units ended 0.5 per cent or S$0.01 higher at S$1.86 on Thursday.