CapitaLand Integrated Commercial Trust, CapitaLand Commercial Trust, And RCS Trust

Overview Key strengths Key risks Sizable portfolio of high-quality retail and office assets, with a leading position in Singapore. Higher leverage compared with peers. Diverse mix of rental income and tenant base. Smaller scale and less geographically diversified compared with similarly rated global peers. Stable earnings with above-average operating metrics. Structural changes from e-commerce and hybrid work trends. Track record of good operational management. The REIT has healthy occupancy rates, at 96.8% as of June 30, 2024. It also has positive rental reversions (i.e., higher rents with new or renewed leases). For the first half of 2024, rental reversions were up 9.3% for retail and 15% for the office space in Singapore. We estimate CICT's adjusted revenue will grow by

...We expect the high quality and good positioning of CapitaLand Integrated Commercial Trust's (CICT) portfolio will continue to drive performance. The REIT has healthy occupancy rates, at 96.8% as of June 30, 2024. It also has positive rental reversions (i.e., higher rents with new or renewed leases). For the first half of 2024, rental reversions were up 9.3% for retail and 15% for the office space in Singapore. We estimate CICT's adjusted revenue will grow by 11%-13%...

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