CICT posts 0.6% YoY higher net property income of $275m in 3Q23

The REIT attributed its improved NPI to higher gross rental income.

CapitaLand Integrated Commercial Trust's (CICT) net property income rose 0.6% YoY to $275m in 3Q23, its latest financial update showed.

In a bourse filing, CICT attributed its improved NPI to the increase in its gross rental income.

The top tenant which contributed to CICT's total gross rental income for September was RC Hotels (5.1%), followed by WeWork Singapore (2.4%), Commerzbank A.G. (1.9%), GIC Private Limited (1.8%), and NTUC Enterprise Co-Operative (1.7%).

The increase in gross rental income, however, was offset by a rise in operating expenses largely due to higher actual occupancy and shopper traffic.

As of end-September, CICT's portfolio occupancy was at 97.3%.

Occupancy rose across all its portfolios, led by Retail with 99.0%, Interarted development with 98%, and Office with 96.4%.