CapitaLand Integrated Commercial Trust (CICT) is one of the largest REIT listed on SGX. CICT owns assets primarily used for commercial (including retail and/or office) purpose, located predominantly in Singapore. As the largest proxy for Singapore commercial real estate, CICT’s portfolio includes 26 properties spread across in Singapore, Germany and Australia with a total property value of S$24.2B.

1. Financial Performance

In its latest financial results for FY ended 31 Dec 2022, gross revenue is up 10.5% to S$1,441.7M while net property income is up 9.7% to S$1.,043.3M. DPU for the year is 10.58 cents, a slight increase from 10.4 cents in 2021.

2. Operational Metrics

CICT released a decent set of operational metrics, Portfolio occupancy is relatively healthy at 95.8%. It achieved a positive rental reversion of 7.6% for its office portfolio while its retail portfolio achieved rental reversion of only 1.2%. On a bright note, its retail portfolio tenant sales increased by 22.5% in 2022 due to the full re-opening of borders and Singapore moving to endemic phase.  ...