CapitaLand Investment (CLI) has reported revenue of $2.09 billion for the 9MFY2023 ended Sept 30, 3% lower y-o-y.
Revenue from its real estate investment business fell by 8% y-o-y to $1.44 billion while fee income-related business revenue grew by 9% y-o-y to $799 million.
Year-to-date (ytd), the group raised capital of $3.5 billion under private funds management, 42% higher y-o-y. In listed funds, the group’s portfolio reconstitutions stood at $1.4 billion ytd with $1 billion of equity raised.
Net property income (NPI) increased y-o-y across all funds. Its listed funds also had an occupancy of 90% and above.
Under lodging management, CLI said that its revenue rose by 31% y-o-y ytd due to stronger operating performance and higher contributions from Oakwood. Units under management and franchise contracts rose to 82% of total units in line with the group’s asset-light strategy.
Revenue per available unit (RevPAU) under the segment rose 25% y-o-y to $89 for the portfolio. Among its geographies, North Asia ex China, which saw a 110% y-o-y RevPAU growth, displayed the fastest growth driven by Japan.
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Commercial management revenue rose by 6% y-o-y ytd.
For the 9MFY2023, the group’s total transactions fell by 42% y-o-y to $3.8 billion. It had divested some $1.2 billion worth of assets for the same period.
As at Sept 30, net debt/equity stood at 0.55x, up from 0.52x as at Dec 31, 2022. Implied interest cost stood at 3.9%, up from 3.1% as at Dec 31, 2022. Interest coverage ratio as at Sept 30 stood at 3.7x.
As at Sept 30, the group had $6.7 billion in group cash and undrawn facilities.
As at 10.03am, CLI’s shares are trading 1 cent higher or 0.33% up at $3.05.
