CapitaLand Integrated Commercial Trust’s (CICT) distribution per unit (DPU) rose 3.5% y-o-y to 5.62 cents for 1HFY2025 ended June 30, on an enlarged unit base compared to the 1HFY2024 DPU.
CICT’s unitholders can expect to receive the 1HFY2025 DPU on Sept 18.
Distributable income rose by 12.4% y-o-y to $411.9 million for the six months ended June 30. This increase is attributed to the income contribution from ION Orchard, which was acquired on Oct 30, better performance from existing properties and lower interest expenses, partially offset by the divestment of 21 Collyer Quay.
In 1HFY2025, CICT’s gross revenue eased by 0.5% y-o-y to $787.6 million, resulting in a corresponding 0.4% y-o-y decrease in its net property income to $579.9 million. This slight decline was primarily due to the absence of income from 21 Collyer Quay, divested on Nov 11, 2024; and Gallileo, which has been undergoing asset enhancement initiatives (AEI) since February 2024.
Excluding the income contribution from 21 Collyer Quay in 1HFY2024, the Trust’s gross revenue and net property income for 1HFY2025 would have increased by 1.4% and 1.7%, respectively.
As at June 30, CICT’s portfolio committed occupancy was at 96.3%, led by the retail (98.6%), integrated development (97.8%) and office (94.6%). During the period, approximately 0.8 million sq ft of new leases and renewals were signed across CICT’s portfolio.
See also: Creative remains in the red for FY2025; guides for better FY2026
Singapore retail and office portfolios continued to achieve positive rent reversions of 7.7% and 4.8%, respectively, based on the average rents of newly signed leases in 1HFY2025, compared to the average rents of expiring leases. Both portfolios also maintained high tenant retention rates, with retail at 81.8% and office at 76.8%.
