CICT net property income climbs 12.7% in Q3

Its income stood at $273.3m.

CapitaLand Integrated Commercial Trust (CICT) reported their net property income climbed by 12.7% year-on-year to $273.3m in the third quarter of the year.

Of this amount, CICT’s retail assets contributed $99.9m, whereas, its office asset and integrated development accounted for $95.4m and $78m, respectively.

CICT attributed this to new acquisitions and higher revenue on gross turnover, offset in part by the increase in utilities expenses.

Gross revenue during the quarter rose by 13.7% to $374.1m, of which $139.5m were from its retail assets; whilst its office asset and integrated development contributed $126.1m and $108.5m, respectively.

Year-to-date, the company’s gross revenue grew by 8.9% to $1.06b, whilst its net property income rose by 8.4% to $775m.

Amongst the revenue drivers CICT cited are the positive rent reversion seen across its retail and office portfolio.

The company also registered an increase in its portfolio committed occupancy to 95% as of 30 September 2022.

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