CICT’s retail, office segments to grow due to strong rental reversions: DBS

Its property value increased by 6.2% YoY to $26b following year-end valuations.

DBS Group Research anticipates that CapitaLand Integrated Commercial Trust’s (CICT) Singapore assets will remain stable, with potential growth from retail and office segments, driven by strong positive reversions.

CICT’s distributable income increased by 5.1% year-on-year (YoY) to $752.2m, whilst its distribution per unit (DPU) increased by 1.2% to 10.88 Scts, surpassing DBS’s estimates and in line with consensus estimates.

Reversions across all sub-asset classes remained robust and exceeded estimates, with office reversions increasing by 11% and retail reversions rising by 9%.

Occupancy costs within the retail portfolio improved to a post-pandemic high of 17%.

On a same-store basis, the increase would have been 1.4% YoY, led by Singapore and Germany assets.

The portfolio’s property value increased by 6.2% YoY to $26b following year-end valuations, including ION Orchard.

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