Nonetheless, operating patmi (excluding divestments and revaluations) in FY2022 rose 23% y-o-y to $609 million. Revenue rose 25% y-o-y to $2,876 million, boosted by higher contributions from FRB and real estate investment business (REIB). FRB revenue grew 6% y-o-y to $955 million, supported by higher FRE from private funds and lodging management. REIB revenue rose 40% y-o-y to $2.11 billion on the back of improved occupancy and room rates for lodging properties.
CapitaLand Investment (CLI) (SGX:9CI
) relies on capital for investments into its private equity funds — as the moniker indicates. And, following the original CapitaLand’s restructure into a real estate investment manager (REIM), capital is a key component driving its fee-related business (FRB), from which CLI receives fee-related earnings (FRE). These fees are from its listed REITs and property trusts, private funds, lodging portfolio and property management.
In FY2022 ended Dec 31, 2022, total patmi fell to $861 million compared to $1.35 billion in FY2021. This was mainly due to the absence of significant divestments in China. In 2021, CLI divested partial stakes in six Raffles City properties in China, which took total divestments to $13.6 billion. In FY2022, including the sale of CapitaSky to CapitaLand Integrated Commercial Trust (CICT) (SGX:C38U) and a fund, divestments amounted to just $3.1 billion.
