CapitaLand Integrated Commercial Trust (SGX: C38U) (CICT) is the largest real estate investment trust (REIT) listed in Singapore. It was formed after the successful merger between CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) recently. CICT just released its earnings for the full year ended 31 December 2020. Let’s take a look at how the REIT performed amid the COVID-19 pandemic. Results Affected By Rental Waivers Distributed to Tenants CICT owns 11 retail properties, eight office assets, and five integrated developments in Singapore and Germany. Here are some highlights from CICT’s 2020 financial results:

• Gross revenue tumbled 5.3% year-on-year to S$745.2 million largely due to poorer performance at its retail assets
• Net property income (NPI) fell 8.1% to S$512.7 million
• Distributable income decreased by 16.4% to S$369.4 million
• With that, distribution per unit (DPU) declined by 27.4%, from 11.97 Singapore cents to 8.69 Singapore cents

CICT’s retail properties saw their gross revenue and NPI fall mainly due to rental waivers dished out to its tenants....