CapitaLand Investment (CLI) has reported revenue of $598 million for the 1QFY2022 ended March, up 16% y-o-y.
The group’s fee income-related business (FRB) rose 17% y-o-y to $262 million while its real estate investment business (REIB) increased 28% y-o-y to $403 million.
The better performance was attributable to the reopening of the global economy as more countries transitioned to living with Covid-19 as an endemic.
During the quarter, CLI’s fund management fee-related earnings (FRE) rose 28% y-o-y to $132 million. Of the amount, 64% are recurring in nature.
The ratio of fund management FRE to funds under management (FUM) stood at 51 basis points (bps) for the quarter, compared to the 50 bps in FY2020.
In the 1QFY2022, CLI’s FUM stood stable q-o-q at $28 billion.
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FRE from CLI’s private fund management increased 127% y-o-y to $59 million.
As at May 11, the group had a total of $686 million in investments year-to-date with total divestments of $1.26 billion made.
Under lodging management, CLI reported revenue per available unit (RevPAU) of $71, 34% higher y-o-y.
Lodging management FRE stood 31% up y-o-y at $55 million.
The group reported a 9% y-o-y increase in lodging units with about 3,700 new units signed and over 2,200 units opened.
As at end-March, the group’s total number of lodging units stood at 135,000, which is on track to meet its 2023 target of 160,000 units under management.
Under REIB, the group reported 3% y-o-y growth in total assets of $38.7 billion. Net asset value (NAV) for the 1QFY2022 stood 2% higher y-o-y at $16.3 billion.
Year-to-date, the group has recycled a total capital of $1.6 billion, which is over half of the annual target of $3 billion.
Close to 80% of the amount divested from the balance sheet were retained as FUM.
Shares in CLI closed 7 cents higher or 1.84% up at $3.88 on May 11.
