The declines are due to absence of income from divested Collyer Quay office building
[SINGAPORE] CapitaLand Integrated Commercial Trust posted a net property income (NPI) of S$291.5 million for its first quarter of FY2025, a 0.8 per cent fall from the previous corresponding period.
This came amid lower revenue, which was down 0.8 per cent on the year at S$395.3 million.
The marginal declines in NPI and revenue were largely due to the absence of income from 21 Collyer Quay, an office building that CICT divested in November 2024, the manager said on Friday (Apr 25).
Assuming no income from the divested property was recorded for Q1 of FY2024, the real estate investment trust (Reit) would have logged 1.1 per cent higher revenue and 1.4 per cent growth in NPI, said the manager.
Contributions from joint ventures such as ION Orchard were only reflected at the distributable income level, the manager added.
Its portfolio occupancy remained healthy at 96.4 per cent as at Mar 31, 2025, having eased slightly from 96.7 per cent as at Dec 31, 2024. Its weighted average lease expiry stood at 3.2 years.
The counter ended Thursday flat at S$2.14, before the announcement.
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