CapitaLand trust lifts H1 net property income 8.7% to $630.5m

The trust posted a 7.1% DPU increase to 6.02 cents.

Net property income for CapitaLand Integrated Commercial Trust (CICT) rose 8.7% year on year (YoY) to $630.5m for the first half of 2026. 

Gross revenue grew 7.5% YoY to $846.8m over the same period, driven by income from CapitaSpring and Gallileo, which offset the divestment of Bukit Panjang Plaza.

The performance enabled Asia’s largest listed real estate investment trust to deliver a 7.1% YoY increase in distribution per unit (DPU) to 6.02 cents, whilst total distributable income expanded 13.3% YoY to $466.7m, supported by improved operating results and lower interest costs.

Unitholders on record as at 20 August will receive a remaining DPU of 2.04 cents on 25 September, following an advance distribution of 3.98 cents paid in June.

Based on CICT's unit closing price of $2.37 on 30 June, its annualised distribution yield stands at 5.1%.

Operating metrics across the trust's commercial properties remained firm. Overall portfolio occupancy was 95.6%, with retail at 97.7%, integrated developments at 95.5%, and offices at 94.4% as of H1 2026.

CICT renewed or signed over one million square feet of leases during the six-month period, achieving positive rental reversions of 4.0% for retail and 6.5% for office space, alongside tenant retention rates of 83.9% and 70.8% respectively.

On the balance sheet side, CICT reported an aggregate leverage ratio of 37.4% and an average debt cost of 2.9% as at 30 June. 

Approximately 78% of its debt is on fixed interest rates, with an average term-to-maturity of 4.1 years. Net asset value per unit rose 0.5% from the end of 2025 to $2.15.