- CapitaLand Integrated Commercial Trust’s 1H23 results missed our expectations.
- Its gross revenue and net property income (NPI) rose 12.7% and 10.1% y-o-y to S$774.8m and S$552.3m respectively, due to contribution from acquisitions, higher occupancy and rental rates, coupled with improvements in its gross turnover rents, but partially offset by higher utility expenses. DPU was up 1.5% y-o-y.
- - Read this at SGinvestors.io -
Solid rental reversions for both retail and office portfolios and uptick in occupancy rates
- CapitaLand Integrated Commercial Trust (SGX:C38U)’s 1H23 retail rental reversions (calculated based on average incoming rents versus average outgoing rents) came in at 6.9% (ranging between 2% and 31%), with both suburban malls and downtown malls contributing evenly.
- - Read this at SGinvestors.io -
- Shopper traffic grew 17.5% y-o-y, with downtown malls recording a faster increase (+20.6%) than suburban malls (+14.8%).
- Rental reversions for CapitaLand Integrated Commercial Trust’s Singapore office portfolio rose 9.6% y-o-y in 1H23. Management highlighted that it saw more requests for expansion than downsizing.
- Overall portfolio occupancy rose 0.5 ppt q-o-q and 2.9 ppt y-o-y to 96.7%, with the most notable increase coming from Australia (+5.2 ppt q-o-q to 88.6%) in Australia. Occupancy costs remained healthy at 16.8%.
Gallileo will undergo major AEI
- Read more at SGinvestors.io.
