CapitaLand Investment : 9CI 0% (CLI), one of Singapore’s largest global real estate investment managers (Reims), has a strong Asia foothold with an asset under management of S$125 billion as of Jun 30, 2022. It was listed in September 2021, after CapitaLand Limited restructured its business to form two distinct entities – CLI, the listed Reim business, and CapitaLand Development, the privatised property development arm.

CLI’s funds business comprises five real estate investment trusts (Reits) and business trusts listed on the Singapore Exchange (SGX). In September, Ascendas Reit, Ascott Residence Trust and Ascendas India Trust officially changed their names to align with the CapitaLand brand. Ascendas Reit is now known as CapitaLand Ascendas Reit : A17U 0%; Ascott Residence Trust is now known as CapitaLand Ascott Trust : HMN 0%; while Ascendas India Trust is changed to CapitaLand India Trust : CY6U 0%. All five Reits and business trusts have reported business updates for the third quarter of 2022.

CapitaLand Ascendas Reit (Clar) reported steady portfolio occupancy of 94.5 per cent and positive rental reversion of 5.4 per cent in Q3. Within the quarter, the Reit announced two acquisitions in Singapore across the industrial and logistics sub-segments, totalling purchase consideration of S$296.7 million. To help navigate and mitigate rising utility and interest expenses, Clar have implemented higher service charge for its Singapore leases from October 2022.

CapitaLand Ascott Trust (Clas) reported that its Q3 gross profit rose to 90 per cent of pre-Covid levels on a pro forma basis. Portfolio revenue per available unit (RevPAU) grew 88 per cent year on year to S$132, which is close to 87 per cent of Q3 2019 RevPAU. The trust believes that with stable income sources from master leases and longer-stay lodging representing more than half of gross profits, it is resilient against macroeconomic and recessionary headwinds. Looking ahead, Clas sees continued tailwinds from travel recovery and greater demand for accommodation, particularly from its key market – Japan – following the country’s reopening to independent travellers.

CapitaLand China Trust : AU8U 0% (CLCT) reported 7.5 per cent year-on-year growth in net property income (NPI) for the first nine months of 2022. New-economy portfolio saw full contributions from business parks and logistics parks, which boast high occupancy of 94.3 per cent and 96.6 per cent respectively. CLCT’s retail portfolio achieved its first positive rental reversion of 4.9 per cent since the start of Covid-19 while Q3 2022 shopper traffic was up 37.5 per cent and tenant sales grew 33.7 per cent quarter on quarter.

CapitaLand India Trust (Clint) reported 8 per growth year on year in Q3 NPI, driven by higher income contribution from Building Q1, Arshiya Warehouse 7 and Industrial Facility at MWC. In the year to date, Clint added 41 new tenants to its portfolio, bringing overall committed portfolio occupancy to 91 per cent, while physical park attendance improved from 5 per cent in September 2021 to 41 per cent in September 2022.

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CapitaLand Integrated Commercial Trust : C38U 0% (CICT) recorded 12.7 per cent year-on-year growth in NPI for Q3. It noted that year-to-date tenants’ sales for its retail portfolio have surpassed pre-Covid levels as downtown malls saw higher shopper traffic from border relaxation. On a portfolio average, tenants’ sales per square feet grew 21.3 per cent year on year while shopper traffic grew 21.9 per cent over the same period. It noted that the Singapore office portfolio has also recorded positive rental reversion of 7.9 per cent, with momentum likely to be sustained on the back of limited new supply. SGX RESEARCH

The writer is a research analyst at SGX. For more research and information on Singapore’s Reit sector, visit sgx.com/research-education/sectors for the monthly S-Reits & Property Trusts Chartbook. Source: SGX Research S-Reits & Property Trusts Chartbook.