During the 1QFY2024, CLCT’s net property income (NPI) fell by 7.7% y-o-y to RMB313.1 million due to lower contributions from its logistics parks as well as the absence of one-off property tax refunds from the business parks.
In Singapore dollar (SGD) terms, NPI fell by 11.8% y-o-y partly due to the 4.7% depreciation of the RMB to the SGD.
As at March 31, CLCT’s retail occupancy stood at 97.7%. Its business park occupancy stood at 90.2% while its logistics park occupancy stood at 67.6%.
Portfolio weighted average lease expiry (WALE) is at 1.8 years by gross rental income (GRI) and 3.1 years by net lettable area (NLA).
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
Shopper traffic during the 1QFY2024 increased by 17.4% y-o-y while tenant sales were up by 12.6% y-o-y.
As at March 31, CLCT’s gearing stood at 40.8%, down from 41.5% in the three months before. Its interest coverage ratio stood at 3.2 times, down from 3.3 times as at Dec 31, 2023.
Units in CLCT closed at 69.5 cents on April 23.
