On 26 October 2023, CapitaLand Integrated Commercial Trust (“CICT”) have announced their 2023 third quarter business update, and they have remained relatively stable. However, although there is no DPU this quarter, worth noting that when compared to 2022Q3, revenue has increased by 4.6% but net property income has only increased by 0.6%. With the falling interest coverage as well, likely we will not see any substantial increase in DPU paid in 2024Q1 based on the operations of the REIT.

Website: General Announcement::3Q 2023 Business Updates

Photo source: https://fifthperson.com/cmt-cct-merger-pros-cons/

Background

CICT is the first and largest real estate investment trust (“REIT”) listed on Singapore Exchange Securities Trading Limited (“SGX ST”). It made its debut on SGX ST as CapitaLand Mall Trust (“CMT”) in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust (“CCT”).

CICT owns and invests in quality income producing assets primarily