CAPITALAND Integrated Commercial Trust’s (CICT) net property income (NPI) for the third quarter ended September 2024 grew 5.4 per cent year on year to S$289.8 million, while gross revenue for the quarter grew 1.7 per cent to S$397.9 million.
This was despite the absence of income from Gallileo in Frankfurt since February 2024 as the asset is undergoing asset enhancement initiative (AEI) works, noted its manager on Tuesday (Nov 5).
The topline growth was apparent across all asset classes of CICT’s portfolio, bringing the real estate investment trust’s NPI in the year to date to S$872.1 million (+5.4 per cent) and its gross revenue to S$1.2 billion (+2 per cent).
Based on group borrowings including the real estate investment trust (Reit)’s proportionate share of borrowings in joint ventures as at end-September, CICT’s manager noted a well-spread debt maturity profile and said FY2024 debt was fully refinanced.
The Reit’s total borrowings stood at S$9.4 billion as at end-September, with 76 per cent of borrowings remaining on a fixed interest rate. Interest coverage ratio was unchanged 3 times.
Aggregate leverage stood at 39.4 per cent as at end-September, down from 39.8 per cent as at end-June, while portfolio weighted average lease to expiry stood at 3.5 years.
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Committed occupancy fell to 96.4 per cent versus 96.8 per cent as at end-June 2024 after excluding the AEI space in IMM Building in Singapore and Gallileo.
CICT’s manager nonetheless said it achieved 100 per cent committed occupancy for its Phase 1 and 2 AEI at IMM Building.
It also noted a positive rent reversion in the year to date with gross turnover rents ranging between 4 per cent and 13 per cent of its malls’ gross rental income.
Units of CICT ended Monday S$0.01 or 0.5 per cent higher at $2.04.
