SINGAPORE - CapitaLand Integrated Commercial Trust (CICT) posted a 6.3 per cent rise in net property income (NPI) to $293.7 million for the end of its first quarter.

Its manager said in a business update on April 19 that the growth in NPI was supported by a rise in gross rental income and lower operating expenses.

The real estate investment trust (Reit) recorded a 2.6 per cent increase in gross revenue to $398.6 million.

Its retail and office assets, as well as integrated developments, also booked year-on-year gains in gross revenue and NPI.

Portfolio committed occupancy stood at 97 per cent for the quarter, down 0.3 percentage point from the previous quarter. Its weighted average lease expiry was up slightly by 0.2 years to 3.6 years, while the average debt term to maturity fell 0.1 years to 3.8 years.

Its aggregate leverage stood at 40 per cent as at March 31, up slightly from 39.9 per cent as at Dec 31, 2023.

During the quarter, CICT commenced its asset enhancement initiatives for IMM Building in Singapore and Gallileo in Frankfurt, Germany. It obtained a lease agreement with the European Central Bank for 93 per cent of Gallileo’s net lettable area.

CICT units were trading unchanged at $1.86 as at 9.21am on April 19. THE BUSINESS TIMES