In today’s briefing:
- CapitaLand Integrated Commercial Trust – Mixed FY21; Office Will Be Key to Revival
- Esr-Reit – Steady Performance with New Acquisitions in Sight
CapitaLand Integrated Commercial Trust – Mixed FY21; Office Will Be Key to Revival
- FY21 performance hampered by retail – 2H21 revenue and NPI increased by 54.5% and 61.6% YoY to S$659.4m and S$478.9m, respectively.
- Occupancies slip but retail rental reversions more of a concern.
- Office portfolio key to positive surprises – We note that office rents in the CBD region are improving at a far stronger pace than retail.
Esr-Reit – Steady Performance with New Acquisitions in Sight
- FY21 results inline: 2H21 Revenue and NPI grew 4.5% and 2.8% YoY to S$121.4m and S$86.3m, respectively, while 2H21 DPU was flattish at -0.6% YoY to S$1.433c.
- QoQ improvements in operating metrics: Overall occupancy was up 0.8pp QoQ to 92% in 4Q21, while rent reversion was +3%.
- New acquisition opportunities in sight; AEIs on track
Before it’s here, it’s on Smartkarma
