CapitaLand Trust delivers strong first quarter, income up 7.9%

The group’s retail portfolio also achieved a positive rent reversion of 4.4%.

CapitaLand Integrated Commercial Trust's net property income rose 7.9% year on year to $314.4m for its first quarter ended 31 March as revenue climbed 8% YoY to $426.7m.

According to the company, this was mainly due to the step-up acquisition of a 100% interest in CapitaSpring and the income contribution from Gallileo.

The group’s retail portfolio also achieved a positive rent reversion of 4.4%, and the office portfolio recorded a 6.1% reversion.

Portfolio occupancy stood at 95.2% for the period, 1.7% lower than the previous quarter due to lower occupancy at CQ @ Clarke Quay, Funan (office) and Main Airport Centre.