Even with a larger unit base, CapitaLand Integrated Commercial Trust's (CICT) 2HFY2025 distribution per unit (DPU) is up 9.4% y-o-y to 5.96 cents, driven by a combination of contributions from ION Orchard, step-up acquisition of CapitaSpring’s commercial component, stronger performance from existing properties and lower interest expenses. This brings CICT's full-year distribution to 11.58 cents, up 6.4%.
The 2HFY2025 DPU includes the advanced distribution of 1.35 cents for the period from July 1 to Aug 13, 2025, which was paid on Sept 18 with the 1HFY2025 distribution
In the half year, gross revenue was up 4.7% y-o-y to $831.5 million; net property income was up 6.8% y-o-y to $609.9 million.
CICT's portfolio property value rose by 5.2% to $27.4 billion, due to better performance of the Singapore portfolio and the step-up acquisition of CapitaSpring’s commercial component. As at the same Dec 31, 2025, adjusted NAV per share, which excludes distributable income, was $2.09, up 1% from $2.07 as at June 30, 2025.
As at Dec 31, 2025, CICT's portfolio committed occupancy remained at 96.9%.
It achieved positive rent reversions of 6.6% each on an average signed-and-expiring rent basis in FY2025.
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As at Dec 31, 2025, CICT maintained a healthy aggregate leverage of 38.6%, while the average cost of debt was 3.2%, down from 3.6% as at Dec 31, 2024.
Teo Swee Lian, chairman of the manager, says that CICT will maintain a "high-quality Singapore-centric" portfolio where Singapore assets make up 94%.
"Looking ahead, our strategy remains clear – we will continue to focus on retail, office, and integrated developments, while strengthening portfolio resilience and creating long-term value for our unitholders,” says Teo.
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Tan Choon Siang, CEO and executive director of the manager, calls CICT's FY2025 results a reflection of the strength of the portfolio and the disciplined execution of the manager's reconstitution strategy.
"We have deployed multiple growth levers to create value – through asset enhancement initiatives, portfolio reconstitution, and now a new development project," says Tan, referring to the Hougang Central site. This project is expected to generate an attractive entry yield of over 5%.
In 3QFY2026, CICT will undergo new asset enhancement at Capital Tower to reposition Level 9 into a community space and create a higher-yielding food and beverage space on Level 1.
“As the proxy for Singapore’s commercial real estate and Asia’s largest listed REIT, CICT is well-positioned to capitalise on opportunities and benefit from the lower interest rate environment, while staying agile in navigating evolving market conditions,” says Tan.
CICT units closed at $2.38 on Feb 5, down 0.42%.
