CapitaLand China Trust posts 1Q22 net property income rose 30 percent

CapitaLand China Trust (CLCT) acquired the Ascendas Innovation Hub in Xi’an in 2021. Credit: CapitaLandCapitaLand China Trust (CLCT) acquired the Ascendas Innovation Hub in Xi’an in 2021. Credit: CapitaLand

CapitaLand China Trust reported Tuesday its first quarter net property income rose 30.4 percent on-year to CNY344.5 million on full-quarter contributions from the business parks and growth in the logistics parks’ occupancy.

In February 2021, during the year-earlier quarter, CapitaLand China Trust completed the acquisitions of Ascendas Innovation Towers and Ascendas Innovation Hub, while the acquisition of the Ascendas Xinsu Portfolio was completed in early January.

Gross revenue for the January-to-March period rose 24 percent on-year to CNY489.9 million, CapitaLand China Trust (CLCT) said in a filing to SGX.

For the retail properties, January and February traffic and sales rose on-year, but then stumbled with a wave of Covid infections in March, CLCT said, noting first quarter retail sales rose 0.3 percent on-year. The retail properties’ occupancy rate was at 95.4 percent, down from the previous quarter’s 96.3 percent, but up from the year-earlier quarter’s 94.4 percent, the REIT said.

The retail portfolio posted flat rental reversion for the quarter, while the new economy portfolio posted rental reversion of positive 6.5 percent, the REIT said.

The business park portfolio posted occupancy of 94.7 percent, up from 92.1 percent in the year-ago quarter, while the logistics parks’ occupancy was at 97.6 percent, the filing said.

Read more details of CapitaLand China Trust’s first-quarter update.