CapitaLand Integrated Commercial Trust has released its 1Q2021 business update on 26th April 2021. The trust is formed after the merger between CapitaMall and CapitaLand Commercial Trust was approved on 29th September 2020.

Gross revenue increased by 63.9% Y-o-Y to S$334.8 million. Net Property Income (NPI) also increased by 66.6% Y-o-Y to S$247.1 million.

If we look at the gross revenue breakdown, the retail segment performed poorly as compared to the previous quarter.

Below is the Gross Revenue and Net Property Income contribution from the office segment.

The combined performance shows that the office segment pulled up the overall financial results.

Occupancy

Overall portfolio occupancy stood at 95.9%. Portfolio Weighted Average Lease Expiry by Gross Rental Income stood at 3.1 years.

The retail portfolio occupancy stood at 97.1%.

As you can see from the chart above, the closure of Robinsons have some form of impact on