- CapitaLand Integrated Commercial Trust (SGX:C38U) provided its business update for 1Q24. Gross revenue rose 2.6% y-o-y to S$398.6m, while NPI increased by a stronger magnitude of 6.3% to S$293.7m due to an expansion in its NPI margin by 2.6 ppt y-o-y to 73.7% as a result of lower operating expenses.
- - Read this at SGinvestors.io -
Committed occupancy
- CapitaLand Integrated Commercial Trust’s overall portfolio committed occupancy inched down 0.3 ppt q-o-q to 97.0%. Breaking this down, its retail and integrated development segments achieved higher committed occupancy of 98.7% (+0.2 ppt q-o-q) and 98.9% (+0.4 ppt q-o-q), respectively, but was offset by higher frictional vacancies at its office portfolio (committed occupancy fell 0.9 ppt q-o-q to 95.8%).
Secured 10-year lease with ECB
- - Read this at SGinvestors.io -
- As the asset will be undergoing an asset enhancement initiative that will cost ~EUR180m, the lease will only commence from 2H25.
Stronger rental reversions expected
- Read more at SGinvestors.io.
