- CapitaLand Integrated Commercial Trust reported 2H24 DPU of S$0.0545, +0.4% h-o-h/flat y-o-y. Organic and inorganic growth offset the impact of higher financing expense and increased number of units.
Resilient performance
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- Portfolio value inched up, anchored by local assets. Gearing fell from portfolio reconstitution. Refinancing in FY25E is likely to result in higher cost of debt.
- Maintain BUY due to stable distribution profile, strong credit and fair valuation.
Higher occupancy
- CapitaLand Integrated Commercial Trust's 2H24 revenue and NPI of S$794.4m and S$571.1m were +1.2% and +1.3% y-o-y, respectively. Growth was organic despite absence of contributions due to divestment and asset enhancement initiatives (AEI).
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- Occupancy inched up to 96.7% (3Q24: 96.4%), led by higher occupancy across retail, office and integrated developments. Singapore and Australia offices saw higher occupancy while it fell in Germany due to downsizing by tenants.
Positive reversions
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