CapitaLand Integrated Commercial Trust (CICT) reported strong Q3 results with revenues more than doubling to S$329mn ($245mn) from S$150.3mn ($112mn) in Q3 2020. Net property income also grew over 2x to S$242.6mn ($180mn). The REIT attributed its strong performance to an enlarged portfolio and 100% contribution from Raffles City Singapore (RCS). As of September 30, portfolio committed occupancy stood at 94.4% and YTD retail tenants’ sales per square foot recovered to 101% of average 9M 2020 levels. CICT’s integrated development on Market Street, CapitaSpring received its temporary occupation permit (TOP) for its office component and is on track for completion by year-end.
Capitaland’s SGD 3.65% Perps are currently trading at 100.345 yielding 3.53%.
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