CapitaLand China Trust’s Q3 NPI down 5.1% at US$38.9 million

CapitaLand China Trust (CLCT) reported a 5.1% decrease in net property income (NPI) to US$38.9 million for Q3 ended September 30, 2026, compared to the same period last year. The real estate investment trust's revenue for the quarter declined 4.1% year-on-year to 399.7 million yuan (US$38.9 million) from 416.6 million yuan. Retail revenue fell 2.9% yoy to 286.3 million yuan, business park revenue dropped 6.2% to 100.6 million yuan, and logistics park revenue decreased 11.7% to 12.8 million yuan.

For the nine months ended September, CLCT's NPI dropped 3.9% yoy to 820.6 million yuan from 853.8 million yuan, while revenue declined 4.8% to 1.22 billion yuan from 1.28 billion yuan. The revenue decrease was mainly due to the divestment of CapitaMall Yuhuating and lower occupancy and rental rates at several property malls. Business park and logistics park segment revenues fell 4.1% yoy due to weaker performance in some overseas parks, partially offset by improved occupancy at Shanghai Fengxian Logistics Park.

Despite the decline, CLCT's portfolio shopper traffic rose 1.9% yoy, and tenant sales grew 3.5%. Sales growth was driven by the toys and hobbies sector, which saw a 39.5% year-on-year increase. Retail occupancy stood at 97.2% as of September 30, with retail rental reversion at negative 3% for the nine months ended September. Business park occupancy improved to 85.7% at the end of September, while rental reversion was negative 12.6% for the nine months.

Logistics park occupancy reached 98.6% at the end of September, with rental reversion improving to negative 1.3% for the nine-month period.