- CapitaLand Integrated Commercial Trust’s 2H24 gross revenue and net property income (NPI) rose 1.2% and 1.3% y-o-y to S$794.4m and S$571.1m respectively.
- - Read this at SGinvestors.io -
Results were in-line with our expectations.
- For FY24, CapitaLand Integrated Commercial Trust’s NPI grew 3.4% to S$1,153.5m, while CapitaLand Integrated Commercial Trust's DPU of 10.88 Singapore cents represented growth of 1.2%, with the latter accounting for 99.3% of our forecast.
Solid rental reversions of 8.8%/11.1% in FY24 for retail/office portfolio.
- - Read this at SGinvestors.io -
- Occupancy cost was at a healthy level of 17.1% for FY24, although this was an increase from FY23’s 16.3%. On a same-store basis (excluding the recently acquired ION Orchard), CapitaLand Integrated Commercial Trust’s FY24 tenants’ sales on a per square foot (psf) basis declined ~1% for its downtown malls, but inched up 0.4% for its suburban malls. Shopper traffic increased for both segments of the retail portfolio (+1.3% for suburban malls and +8% for downtown malls).
- For CapitaLand Integrated Commercial Trust’s Singapore office portfolio, rental reversions stood at 11.1% for FY24, an acceleration as compared to FY23’s 9.0% uplift. Management expects positive rental reversions to continue in FY25, but we expect this to moderate to the low-to-mid-single digit level.
Committed portfolio occupancy of 96.7% with sequential increases across all segments.
- Read more at SGinvestors.io.
