Brief Overview:
CapitaLand Integrated Commercial Trust (SGX: C38U), or CICT, is Singapore’s first and largest REIT listed on the Singapore Exchange. It has an investment focus on commercial properties used for retail or office purposes, with most of its properties located in the home country.
As at 31 December 2025, CICT’s portfolio comprises 21 properties in Singapore, 2 in Frankfurt, Germany, as well as 3 in Sydney, Australia, with a total portfolio value of S$27.4 billion.
Notable Developments Since the REIT’s 3Q FY2025 Business Update:
December 2025: A consortium comprising Horizon Residential (comprising CapitaLand Development, UOL, Singapore Land and Kheng Leong) and Horizon Commercial (a CICT vehicle), submitted the top bid of S$1.5 billion for a large mix-use site at Hougang Central. The site will house an integrated project with 835 residential units and over 430,000 square feet of commercial space (nearly double the size of Hougang Mall, situated just beside the site).
January 2026: The REIT is divesting Bukit Panjang Plaza to an unrelated party for S$428 million, where net proceeds will provide it with the flexibility to repay debt, finance capital expenditure, asset enhancement works, investments, as well as finance any general and working capital requirement.
January 2026: CICT and Consortium has been awarded the tender for the Hougang Central Government Land Sales site. Under this joint venture structure, CICT will develop and own 100% of the commercial component, while CapitaLand Development and UOL (in a 50:50 joint venture), will development the residential component for sale.
Financial Figures (4Q FY2024 vs. 4Q FY2025):
| 4Q FY2024 | 4Q FY2025 | % Gain/Loss | |
| Gross Revenue (S$’mil) | $396.6m | $427.6m | +7.8% |
| Property Operating Expenses (S$’mil) | $115.2m | $112.1m | -2.7% |
| Net Property Income (S$’mil) | $281.3m | $315.5m | +12.2% |
CICT did not provide financial figures for the 4th quarter – the above numbers are self-computed based on the figures for the 3rd quarter, as well as for the full year on the respective financial years.
In my opinion, it was a good set of numbers. Particularly, its gross revenue was up by 7.8% year on year to S$427.6 million. Together with a 2.7% year-on-year drop in its property operating expenses, CICT’s net property income increased by 12.2% year on year to S$315.5 million.
Financial Figures (FY2024 vs. FY2025):
| FY2024 | FY2025 | % Gain/Loss | |
| Gross Revenue (S$’mil) | $1,586.3m | $1,619.2m | +2.1% |
| Property Operating Expenses (S$’mil) | $432.9m | $429.4m | -0.8% |
| Net Property Income (S$’mil) | $1,153.5m | $1,189.7m | +3.1% |
| Distributable Income to Unitholders (S$’mil) | $752.2m | $860.9m | +14.5% |
For the full year, CICT’s financial figures saw a stable growth, where its gross revenue and net property income recorded a low-single digit percentage improvement, while its distributable income to unitholders went up by a double-digit percentage.
The 2.1% year-on-year increase in the REIT’s gross revenue to S$1,619.2 million was due to contribution from CapitaSpring and lease commencement at Gallileo based on progressive handover to the anchor tenant, along with an improved performance from existing properties. This was partly offset by the absence of revenue contribution from 21 Collyer Quay which was divested on 11 November 2024.
Coupled with a 0.8% year-on-year dip in its property operating expenses to S$429.4 million (from lower utilities and property management reimbursements), the REIT’s net property income went up by 3.1% year on year to S$429.4 million.
Together with a jump in the share of joint ventures from a full year contribution from the acquisition of a 50% interest in ION Orchard on 30 October 2024, and the absence of write-down of its capitalised acquisition related costs in FY2024, and share of higher fair value gain from CapitaSpring prior to the acquisition, CICT’s distributable income to unitholders leapt by 14.5% year on year to S$860.9 million.
Portfolio Occupancy Profile (3Q FY2025 vs. 4Q FY2025):
| 3Q FY2025 | 4Q FY2025 | |
| Portfolio Occupancy (Retail) (%) | 98.7% | 98.7% |
| WALE (Retail) (by GRI – years) | 2.0 years | 1.9 years |
| Rental Reversion (Retail) | +7.8% | +6.6% |
| Portfolio Occupancy (Office) (%) | 96.2% | 95.7% |
| WALE (Office) (by GRI – years) | 3.3 years | 3.2 years |
| Rental Reversion (Office) | +6.5% | +6.6% |
| Portfolio Occupancy (Integrated Development) (%) | 97.3% | 97.7% |
| WALE (Integrated Development) (by GRI – years) | 4.5 years | 4.3 years |
Apart from a very small 0.5 percentage point (pp) dip in the occupancy rate of its office properties (to 95.7%) from a 1.0pp decline in the occupancy of its Singapore office properties (to 97.3%), the occupancy rates of its integrated development and retail properties remain very strong (with the former up by 0.4pp to 97.7%, and the latter remaining unchanged at 98.7%).
Positive rental reversions are also recorded for new and/or renewed leases for its retail and office properties, both by +6.6%.
Lease expiries are also very well-spread out over the years – particularly, in the coming 3 years (between FY2026 and FY2028), an average of 15.2% of retail leases and 8.8% of office leases will be due for renewal each year, with the remaining 8.9% of retail leases and 14.7% of office leases due only in FY2029 or later.
Debt Profile (3Q FY2025 vs. 4Q FY2025):
| 3Q FY2025 | 4Q FY2025 | |
| Aggregate Leverage (%) | 39.2% | 38.6% |
| Interest Coverage Ratio (times) | 3.5x | 3.7x |
| Average Cost of Debt (%) | 3.3% | 3.2% |
| Average Term to Debt Maturity (years) | 3.9 years | 4.0 years |
| % of Borrowings Hedged at Fixed Rates (%) | 74.0% | 74.0% |
Compared to the previous quarter, CICT’s debt profile saw some slight improvements in terms of its aggregate leverage (down by 0.6pp to 38.6%), interest coverage ratio (up from 3.5x in 3Q to 3.7x in 4Q), as well as in its average cost of debt (down by 0.1pp to 3.2%).
Looking at its debt maturity profile over the years, it is well-spread out – where it has a rather small percentage of borrowings due for refinancing over the next 2 years, at 6% (FY2026) and 10% (FY2027). Thereafter, it has 25% of borrowings due for refinancing in FY2028 and 17% of borrowings due for refinancing in FY2029, with the remaining 42% of borrowings due for refinancing only in FY2030 or later.
Distribution Payout to Unitholders (2H FY2024 vs. 2H FY2025):
| 2H FY2024 | 2H FY2025 | % Gain/Loss | |
| Distribution Per Unit (S$’cents) | 5.45 cents | 5.96 cents | +9.4% |
If you are a unitholder of CICT, do take note that an advanced distribution of 1.35 cents/unit for the period between 01 July and 13 August 2025 has already been paid out on 18 September 2025. Hence, this time round, unitholders will receive a distribution of 4.61 cents for the period between 14 August and 31 December 2025.
The ex-distribution, record, as well as payout date for its upcoming distribution payout is as follows:
Ex-Date: 13 February 2026
Record Date: 16 February 2026
Payout Date: 24 March 2026
Distribution Payout to Unitholders (FY2024 vs. FY2025):
| FY2024 | FY2025 | % Gain/Loss | |
| Distribution Per Unit (S$’cents) | 10.88 cents | 11.58 cents | +6.4% |
Comments & Outlook by CICT’s Chairperson & CEO (from the REIT’s Press Release):
Chairperson Ms Teo Swee Lian:
“CICT delivered a strong performance amid macroeconomic uncertainties, supported by effective portfolio reconstitution, and active asset and portfolio management. We undertook a strategic divestment of the non-core serviced residence component of CapitaSpring to facilitate a clean acquisition of the remaining 55% interest in the commercial component. At the same time, we continued to enhance the performance of our existing assets. These actions reflect our commitment to maintaining a high-quality Singapore-centric portfolio. Today, 94% of our portfolio property value is anchored in Singapore. Looking ahead, our strategy remains clear – we will continue to focus on retail, office, and integrated developments, while strengthening portfolio resilience and creating longterm value for our unitholders.”
CEO Mr Tan Choon Siang:
“Our FY 2025 results reflect the strength of our portfolio and the disciplined execution of our reconstitution strategy, which have lifted the quality and earnings resilience of CICT. We have deployed multiple growth levers to create value – through asset enhancement initiatives, portfolio reconstitution, and now a new development project. The sale of Bukit Panjang Plaza enables capital redeployment into potential growth opportunities, while the development of the commercial component of the Hougang Central site will strengthen our foothold in Singapore and expand our retail footprint into the northeast region. With approximately 300,000 square feet of net lettable area, the project is well placed to cater to the precinct’s sizeable and underserved catchment and is expected to generate an attractive entry yield of over 5%. In 3Q 2026, we will also embark on a new asset enhancement at Capital Tower to reposition Level 9 into a community space and create a higher-yielding food and beverage (F&B) space on Level 1.”
Closing Thoughts:
What’s not to like about CICT’s latest set of ‘report card’ – a stable set of financial figures, strong portfolio occupancy profile, healthy debt profile, as well as higher distribution payout to unitholders both for the 2nd half, as well as for the full year.
To highlight the above in more detail, in the 4th quarter (where the numbers are self-compiled), CICT’s gross revenue and net property income grew by a high-single digit percentage and a double-digit percentage respectively. For the full year, both its gross revenue and net property income saw a stable low-single digit percentage improvement.
The occupancy rates of its properties (both retail and office) in the various geographical locations are also very strong, at above 90%, with rental reversion being recorded for new and/or renewed leases (which will help in the stable growth in CICT’s financial numbers in the quarters ahead).
Finally, on its debt profile, its aggregate leverage (at 38.6%) is also a very good distance away from the regulatory limit of 50%, with its debt maturity very well-spread out over the years.
Other CapitaLand REITs and Business Trusts in Focus:
CapitaLand Ascendas REIT (SGX: A17U): 2H & FY2025 Results Review
CapitaLand India Trust (SGX: CY6U): 4Q & FY2025 Results Review
Related Documents:
Press Release
Financial Statements
Presentation Slides
Disclaimer: At the time of writing, I am a unitholder of CapitaLand Integrated Commercial Trust.
Are You Worried about Not Having Enough Money for Retirement?
You're not alone. According to the OCBC Financial Wellness Index, only 62% of people in their 20s and 56% of people in their 30s are confident that they will have enough money to retire.
But there is still time to take action. One way to ensure that you have a comfortable retirement is to invest in real estate investment trusts (REITs).
In 'Building Your REIT-irement Portfolio' which I've authored, you will learn everything you need to know to build a successful REIT investment portfolio, including a list of 9 things to look at to determine whether a REIT is worthy of your investment, 1 simple method to help you maximise your returns from your REIT investment, 4 signs of 'red flags' to look out for and what you can do as a shareholder, and more!
You can find out more about the book, and grab your copy (ebook or physical book) here...
Comments (0)