An Ascendas business park property that has been inducted into CapitaLand China Trust's portfolio.CapitaLand China Trust asset.

Data from CapitaLand China Trust’s latest disclosure has been updated into the Singapore REITs table.

CapitaLand China Trust (CLCT) has reported lower gross revenue and net property income (NPI) for its 1Q 2023.

The lower numbers were recorded despite occupancy for its retail portfolio increasing to 96.4% from 95.4% in the previous quarter.

The REIT has attributed the lower revenue and NPI to the effects of CapitaMall Qibao winding down, downtime from assets undergoing asset refurbishments, as well as lag time from committed occupancy handovers.

It also saw slower leasing take up in January-February 2023, with leasing activities picking up only in March 2023, said the REIT.

The REIT’s gearing as at 31 March 2023 has increased to 40%, up from 39.6% in the previous quarter.

Correspondingly, its average cost of debt has increased to 3.48% from 2.97% in the previous quarter.

The REIT’s full presentation on its 1Q 2023 business updates can be found here.

CLCT was last done on the Singapore Exchange at SGD1.13, which presently implies a distribution yield of 6.64% according to data on the Singapore REITs table.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.