CAPITALAND Integrated Commercial Trust (CICT) has recorded a distribution per unit (DPU) of S$0.0543 for the first half of the year, up 2.5 per cent from S$0.053 in the corresponding period the year before.
It also announced on Tuesday (Aug 13) distributable income of S$366.5 million, up 3.7 per cent from S$353.2 million in the first half of last year. The distribution will be paid out on Sep 26, after the record date on Aug 21.
However, the total return attributable to unitholders fell in H1 to S$364.9 million, compared with S$387.8 million in the year-ago period.
Revenue increased 2.2 per cent to about S$792 million, from S$774.8 million in H1 FY2023. This was due to higher gross rental income, the manager of the trust said.
Net property income (NPI) was up 5.4 per cent to S$582.4 million in H1 FY2024, from S$552.3 million in the year-ago period. This rise was attributed to lower utility expenses and savings from property management reimbursements under the new property management agreement.
This comes even as income from Gallileo – a Grade A commercial building located in Frankfurt’s Central Business District – was temporarily absent due to an asset enhancement initiative (AEI), and an enlarged unit base from the distribution reinvestment plan in the first quarter of this year.
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Chief executive of the manager Tony Tan added: “Our AEIs at IMM Building in Singapore and Gallileo in Germany are progressing well and are expected to complete in H2 2025.
“Including leases under negotiation, phases one and two of IMM Building’s AEI have achieved a high committed occupancy of 98.7 per cent, while Gallileo’s committed occupancy stands at 96.7 per cent.”
The trust’s portfolio occupancy was 96.8 per cent, with a weighted average lease expiry of 3.6 years. Its interest coverage ratio was three times, with an aggregate leverage of 39.8 per cent.
Based on the average rent of signed leases in H1 FY2024, the trust’s Singapore retail and office portfolios recorded positive rent reversions of 9.3 per cent and 15 per cent, respectively.
In H1, CICT secured about 1.1 million square feet of new leases and renewals, split evenly across its retail and office portfolios.
Units of CICT closed about 1 per cent or S$0.02 higher at S$2.10 on Monday.
