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Acquisitions boost CICT’s earnings YoY in Q1

The net property income (NPI) grew to $276.3m.

The CapitaLand Intergrated Commercial Trust (CICT) revealed that its NPI went up 11.3% YoY to $276.3m in the first quarter (Q1) of 2023.

In a financial statement, CICT said its gross revenue grew by 14.4% to $388.5m in Q1 2023.

Its NPI benefitted from full quarter contributions from acquisitions completed in the first half of 2022 and higher fross rental income from its existing properties. But it was “partially offset by higher operating expenses largely due to utilities and divestment of JCube in March 2022.”

The portfolio committed occupancy rate also increased to 96.2% in Q1 2023.

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