CapitaLand Integrated Commercial Trust (CICT) reported Wednesday its first half net property income came in at S$472.16 million on gross revenue of S$645.66 million. The results missed Daiwa’s forecasts.
The distribution per unit (DPU) for the six months ended 30 June was 5.18 Singapore cents, CICT said in a filing to SGX.
Daiwa had forecast net property income of S$474.7 million, revenue of S$651.8 million and a DPU of 5.306 Singapore cents.
CICT noted it retained S$46.6 million of income available for distribution due to concerns over the operating environment amid the Covid-19 pandemic.
In October 2020, CapitaLand Commercial Trust and CapitaLand Mall Trust merged to form CICT; year-earlier results do not include contributions from the merged assets.
In the first half, CICT granted S$18.9 million of rental waivers to tenants affected by Covid-19, particularly during Singapore’s Phase 2 Heightened Alert period from 16 May to 13 June, the filing said.
“The operational challenges arising from the evolving pandemic situation have affected our business as well as our tenants. We have provided more regular cleaning and adopted safe management measures to ensure the safety of our shoppers and tenants,” Tony Tan, CEO of the trust’s manager, said in the statement.
“Looking ahead, as Singapore transitions to a new normal of living with endemic Covid-19 and amidst rising vaccination rates, CICT’s portfolio of quality retail and office assets is well-positioned to ride the eventual market upturn,” Tan said.
CICT had committed portfolio occupancy of 94.9 percent, with retail assets at 97 percent, office at 93 percent and integrated developments at 96.5 percent as of end-June, the filing said.
The DPU is expected to be paid to unitholders on 9 September.