CapitaLand Integrated Commercial Trust (CICT) reported that total return attributable to unitholders rose 0.4 per cent year-on-year to S$937.3 million for the 12 months ended Dec 31 2025, supported by higher contributions from recently acquired properties.

Earnings per unit slipped to 12.62 Singapore cents from 13.60 cents a year earlier, while the real-estate investment trust declared a full-year distribution per unit (DPU) of 11.58 cents, up 6.4 per cent from 10.88 cents in FY2024. A final distribution of 4.61 cents—comprising 4.07 cents of taxable income, 0.36 cent of tax-exempt income and 0.18 cent of capital—will be paid on Mar 24 2026 to unitholders on record as of Feb 16 2026. CICT had already paid an interim cumulative distribution of 6.97 cents on Sep 18 2025.

Gross revenue increased 2.1 per cent to S$1.62 billion, bolstered by the step-up acquisition of the remaining 55 per cent interest in CapitaSpring in August and by lease commencements at Gallileo in Frankfurt. These gains offset the absence of income from 21 Collyer Quay, divested in November 2024. Net property income grew 3.1 per cent to S$1.19 billion, while finance costs fell 8.9 per cent to S$314.7 million as the trust benefited from lower average borrowing costs and proceeds from asset sales used to pare debt.

By segment, retail assets generated pre-tax net property income of S$439.0 million, up 4.5 per cent YoY; office properties contributed S$396.8 million, a 2.4 per cent increase; and integrated developments delivered S$353.9 million, also 2.4 per cent higher. The trust booked a net fair-value gain of S$68.1 million, driven by Singapore assets, while overseas properties in Germany and Australia recorded valuation declines.

CICT’s aggregate leverage stood at 38.6 per cent at end-December, in line with 38.5 per cent a year earlier, and its interest-coverage ratio improved to 3.7 times from 3.1 times.

Looking ahead, the manager expects its predominantly Singapore-based portfolio (about 94 per cent of total assets) to benefit from the city-state’s steady economic growth, tight office supply and resilient retail demand. CBRE projects Singapore prime retail rents to rise 1-2 per cent in 2026, while core central business district office rents could gain about 5 per cent amid limited new supply.

Strategic priorities include completing the S$428 million divestment of Bukit Panjang Plaza in the first quarter of 2026 and developing the commercial component of the S$1.1 billion mixed-use project at Hougang Central, which CICT secured via a consortium in January 2026. The manager said it will focus on disciplined capital management and selective overseas exposure—currently 3 per cent each in Germany and Australia—while seeking accretive opportunities to sustain long-term DPU growth.