CapitaLand Integrated Commercial Trust (CICT) has reported net property income (NPI) of $571.1 million in its 2HFY2024 ended Dec 31, 2024, up 1.3% y-o-y. This brings its full-year NPI to $1.15 billion, up 3.4% y-o-y.
However, due to a larger unit base, its distribution per unit for 2HFY2024 held steady at 5.45 cents, with a full-year payout of 10.88 cents, up 1.2% from FY2023.
Distributable income for 2HFY2024 was up 6.4% y-o-y to $385.7 million, mainly driven by the acquisition of a 50% interest in ION Orchard, but partly offset by the divestment of 21 Collyer Quay.
As at Dec 31, 2024, its portfolio property value increased by 6.2% y-o-y to $26.0 billion.
“CICT's positive performance in FY 2024 reflects its portfolio strength, bolstered by the timely acquisition of the iconic destination mall ION Orchard and the divestment of 21 Collyer Quay, despite market uncertainties," says Teo Swee Lian, chairman of the manager.
The sale of 21 Collyer Quay helped CICT lower its aggregate leverage to 38.5% and average cost of debt of 3.6%.
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"These strategic moves reinforce CICT’s leadership position as we expand our footprint in Singapore’s downtown core and strengthen our presence in the city, which now accounts for 94.5% of CICT’s portfolio property value," says Teo.
"Moving forward, we will remain focused on Singapore as we enhance our portfolio resilience and create greater value for unitholders," she adds.
CICT's overall portfolio occupancy held at 96.7% with a tenant retention rate of above 80%.
"We will continue to prioritise leasing initiatives to retain tenants and attract new ones,” says Tony Tan, CEO of the REIT's manager.
CICT had on Oct 17 paid an advanced distribution of 2.16 cents for July 1 to Sept 11, 2024. Distribution for the 2HFY2024 will go ex on Feb 13 and unitholders will be paid the remaining 3.29 cents on March 21.
CICT units closed at $1.93 per unit on Feb 4.
