CICT's 9M NPI climbs 5.4% YoY to $872.1m on rental income growth

Lower operating expenses also helped boost NPI.

CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) rose 5.4% YoY to $872.1m in 9M FY 2024, driven by higher gross rental income and lower operating expenses.

CICT’s retail, office, and integrated development segments recorded higher NPI in 9M.

Retail NPI rose from $297.5m to $315.6m, whilst office assets grew from $280.4m to $295.1m.

Meanwhile, the integrated development (ID) segment saw its NPI rise from $249.4m to $261.4m.

Whilst all portfolios saw improved NPI, two of three reported lower occupancy.

ID and office reported lower occupancy of 98.2% and 94.6%, respectively.

The decline in the two portfolios dragged overall occupancy to 96.4% from 96.8%.