Capitaland Integrated Commercial Trust (CICT) has reported gross revenue of $374.1 million for the 3QFY2022 ended September, a 13.7% y-o-y increase.
Net property income (NPI) for the period also increased 12.7% y-o-y to $273.3 million. The increase was contributed by new acquisitions and higher revenue on gross turnover, and partially offset by a rise in utilities expenses.
According to the REIT, there has been a positive rent reversion trend for retail and office portfolio, with tenant sales per square foot (psf) surpassing 2019 levels YTD September as downtown malls saw a “quicker rebound” with border relaxation and the increase in return of office workers.
It says committed office leases will contribute to cash flow progressively from January 2023, while ongoing asset enhancement initiatives (AEIs) to rejuvenate its offerings and enhance the retail experience for its customers will also contribute from the next calendar year.
As at Sept 30, the REIT had a portfolio committed occupancy of 95.1%, a 1.3% increase q-o-q with a weighted average lease expiry (WALE) of 3.8 years by gross rental income (GRI).
Recovery level for retail tenants’ sales stood at 21.3% y-o-y higher for YTD September.
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The REIT says that in order to remain agile and proactive in managing costs, including interest costs, it has hedged energy costs for 2022 in expectation of higher energy rates in 2023 and will mitigate rising costs through the proactive management of a service charge increase for the majority of its portfolio from January 2023.
As at Sept 30, CICT has aggregate leverage of 41.2%, 0.6 percentage points higher than the 40.6% as at June 30.
Units in CICT closed 6 cents or 3.33% down at $1.74 on Oct 21.
