Capitaland Integrated Commercial Trust (CICT) reported earnings for H2 ended December 2021 with distribution per unit (DPU) 8.9% lower YoY to S$0.0522. The fall was primarily due to the private placement of ~127.6mn units in mid-December through which it raised ~S$250mn. Gross revenue for 2H came in at S$659.4mn, up 54.5% YoY while net property income stood at S$478.9mn, up 61.6% YoY. Distributable income was 30.5% higher to S$338.8mn with the increase attributable to CICT’s merger with Capitaland Commercial Trust (CCT) in October 2020. Portfolio occupancy stood at 93.9%, while portfolio weighted average lease expiry (WALE) was 3.2 years. Portfolio property value rose 3.5% YoY to S$22.5bn, which CICT attributed to office and integrated developments including the completion of CapitaSpring. The company expects CapitaSpring to contribute to income “progressively from 1H 2022, and more meaningfully from 2H 2022” after securing strong leasing commitments of 91.5%.
Capitaland’s SGD 3.65% Perps traded at 100.09 yielding 3.61%.
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In related news, Singapore-based conglomerate Keppel Corp reported a net profit for H2 2021 of S$722.9mn vs. S$31.3mn a year ago, taking the full year 2021 profit to a 6-year high of S$1bn vs. a loss of S$505.9mn in 2020. Improvement was across business segments, leading to 2021 revenue growing 31% to S$8.63bn. Keppel’s SGD 2.9% Perps traded at 97.44 yielding 3.94%.