CapitaLand Commercial Trust NPI jumped 18.5% to $314.61m in 2018

Its first European venture, Gallileo, boosted yearly figures.

CapitaLand Commercial Trust recorded an 18.5% YoY net property income (NPI) increase to $314.61m in 2018 from $265.47m in 2017, an announcement revealed. Its revenue also climbed 16.7% YoY to $393.97m from $337.46m.

The firm attributed the increase in both NPI and revenue mainly due to contributions from Asia Square Tower 2 and Gallileo which had offset the loss fueled by the sales of One George Street, Golden Shoe Car Park and Wilkie Edge and Twenty Anson.

Also read: CapitaLand Commercial Trust marks European debut with planned acquisition of Frankfurt property

Distributable income in 2018 rose 11.4% YoY to $321.73m. Meanwhile, distribution per unit (DPU) inched up 0.5% to 0.870.

In Q4, 2018, the firm saw its NPI climb 16.6% YoY to $79.27m from $67.95m for the same period in 2017. Revenue for the quarter hit $99.03m which is an increase of 14.8% compared to $86.29 in Q4 2017.

Distributable income in Q4 2018 was recorded at $83.06m which is 10.7% higher compared to the $75.03m recorded in Q4 2017. Meanwhile, DPU rose 6.7% YoY to $0.222.

In 2018, CCT signed over 1 million sqft of new leases and renewals, of which 22% were new leases, with new demand for office space fueled by tenants from diverse trade sectors such as real estate & property services and business consultancy, amongst others. They noted that they raised net proceeds of $214.3m via private placement to partially fund the acquisition of Gallileo.
“As at end-December 2018, portfolio occupancy stood at 99.4%, an improvement from 97.3% a year ago. Tenant retention remained healthy at 77%,” Kevin Chee, CEO of CCT Management Limited, said.

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