THE manager of CapitaLand Integrated Commercial Trust (CICT) posted a distribution per unit (DPU) of S$0.0545 for the second half ended December, unchanged from the previous corresponding period.
This came amid an enlarged unit base due to the distribution reinvestment plan in March last year and an equity fundraising in September, said the manager on Wednesday (Feb 5).
The H2 DPU consists of an advanced distribution of S$0.0216 for Jul 1 to Sep 11, which was paid on Oct 17. The remaining DPU will be paid out on Mar 21, 2025, after the record date on Feb 13.
Distributable income rose 6.4 per cent to S$385.7 million for H2, from S$362.5 million in the same period the year before.
CICT’s manager said the increase in distributable income was driven mainly by contributions from Ion Orchard which it acquired a 50 per cent stake in last year, as well as better performance of its existing operating properties and “prudent management of operating and interest costs”.
The increase was, however, partly offset by the divestment of its office building asset 21 Collyer Quay for S$688 million, noted the manager.
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Revenue was up 1.2 per cent on the year at S$794.4 million for the half-year period, from S$785.2 million.
Net property income (NPI) grew 1.3 per cent to S$571.1 million for H2, from S$563.6 million.
Improvements in revenue and NPI were driven mainly by “enhanced performance” of existing portfolios and higher gross rental income, said the manager.
For the full year, CICT’s DPU was up 1.2 per cent at S$0.1088, from S$0.1075 in FY2023. Revenue was 1.7 per cent higher at S$1.6 billion, and NPI grew 3.4 per cent to S$1.2 billion.
Units of CICT closed flat on Tuesday at S$1.93.
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