CICT NPI rises 6.3% YoY to $293.7M in 1Q24

Gross rental income growth and lower operating expenses drove the uptick.

CapitaLand Integrated Commercial Trust (CICT) saw its net property income (NPI) increase 6.3% YoY to $293.7m in 1Q24, driven by gross rental income growth and lower operating expenses.

The REIT also posted a 2.6% YoY higher gross revenue in 1Q24 of $398.6m. Gross revenue and NPI across its retail and office assets, and integrated developments also rose.

The REIT’s retail assets recorded an NPI of $107.3m (vs $101.2m in 1Q23) and a gross revenue of $148.1m (vs $144.8m).

Its office assets, meanwhile, saw its gross revenue and NPI rise to $130.7m and $100.0m, respectively.

For CICT’s integrated development segment, gross revenue increased to $119.8m, whilst NPI improved to $86.4m.