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Retail occupancy was at 7.1% as shopper traffic recovered to 74.3% of the level a year ago. Tenant sales also increased 2.9% over the same period last year. Photo: CapitaLand
CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) jumped 66.6% year-on-year to $247.1 million in the first quarter ended 31 March, while gross revenue increased 63.9% to $334.8 million, revealed its manager in a business update on Monday (26 April).
CICT’s committed portfolio occupancy stood at 95.9% as of 31 March, with retail occupancy at 97.1% as shopper traffic recovered to 74.3% of the level a year ago. Tenant sales also increased 2.9% over the same period last year.
Office occupancy stood at 94.9% as total new and renewal leases climbed 5.3% to 291,800 sq ft in Q1 2021.
Specifically, its Singapore office assets posted an occupancy rate of 94.8%.
CICT’s integrated developments registered an occupancy rate of 96.5% in Q1 2021, with a weighted average lease expiry by monthly gross rental income of five years.
Overall, CICT posted a portfolio weighted average lease expiry of 3.1 years based on its 50% stake in One George Street, 94.9% interest in Gallileo and Main Airport Centre, Frankfurt, as well as WeWork’s seven-year lease at 21 Collyer Quay.
The trust’s manager also shared that CICT’s average term to maturity has been extended from 4.1 years as at end-2020 to 4.4 years as at end-March, following the issuance of two long tenor notes via its $7 billion multi-currency medium term note programme in Q1 2021.
It noted that CapitaSpring is on track for completion in the second half of 2021. The manager added that the development had achieved a committed occupancy of 50% as at 15 April, while another 15% is under advance negotiation.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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