On 16th October 2023, CICT (CapitaLand Integrated Commercial Trust) announced their 3Q2023 business updates. Since this is only a business update, there is no details on its financial performance. In 3Q2023, CICT’s Gross Revenue increased 4.6% year-on-year to $391.3 million. Net Property Income (NPI) increased 0.6% to S$275.0 million. The increase in gross rental income was offset by a rise in operating expenses largely due to higher actual occupancy and shopper traffic. As reflected in the chart below, we can see that its retail assets, office assets and integrated development all performed better year-on-year as compared to 2022.

Debt

As of 30th September 2023, CICT’s aggregate leverage stood at a high of 40.8%. It is fortunate to CICT that the Fed has decided not to increase interest rates for now, otherwise the aggregate leverage is expected to trend higher. 78% of...