SINGAPORE (THE BUSINESS TIMES) – CapitaLand Integrated Commercial Trust (CICT), formerly known as CapitaLand Mall Trust, has posted a 75 per cent increase in distribution per unit (DPU) to 5.18 cents for the first half ended June 30, 2021, from 2.96 cents for the year-ago period.
The increase was largely driven by contribution from CapitaLand Commercial Trust (CCT) assets and 100 per cent contribution from Raffles City Singapore, following the merger with CCT in Q4 2020.
Gross revenue more than doubled to $645.7 million, from $318.4 million a year ago, on the back of the enlarged portfolio.
Net property income of $472.2 million was more than double the $216.4 million for the year-ago period.
The increase comes despite the granting of $18.9 million of rental waivers in H1 2021 for tenants affected by Covid-19, the manager said in a bourse filing on Wednesday morning (July 28).
“The operational challenges arising from the evolving pandemic situation have affected our business as well as our tenants,” said Mr Tony Tan, chief executive officer of the manager. “In view of persisting market uncertainty, we will continue to be agile and flexible in managing our portfolio.”
Distributable income more than trebled to $335.9 million for the half-year period, from $109.7 million a year ago.
This was boosted by the absence of the retention of $46.4 million of income available for distribution in H1 2020 in view of the challenging operating environment due to the Covid-19 pandemic.
The H1 DPU will be paid out on Sept 9.
Units of CICT closed 0.5 per cent or one cent higher at $2.10 on Tuesday.