capitaland investments firstquarter revenue rose 16 as the effects of countries postpandemic reopenings kicked in boosting its lodging propertyinvestment and fundmanagement businesses revenue came in at 598 million singapore dollars us4302 million and the company had s86 billion in funds under management as of the end of the quarter unchanged from enddecember its lodging business was a bright spot with revenue per available unit at s71 versus s53 a year earlier and occupancy up to 57 from 48 most of our markets have begun to normalize international travel lanes and operating conditions have improved as concerns over the covid19 virus recede the company said china is an exception where a resurgence of covid19 has led to the lockdown of several key cities we expect this to delay chinas economic recovery this year capitaland investment said it signed 3700 new units in the first quarter and opened more than 2200 its total portfolio of units rose to 135000 or 84 of its 2023 target the singaporelisted company said other headwinds such as geopolitical instability from the russiaukraine war and supplychain disruptions may persist but capitaland investment said it expects to remain resilient thanks to its healthy cash balance available undrawn facilities and comfortable net debttoequity net debt to equity ratio stood at 048 times while its net debt to total assets a metric which excludes cash was 026 times the company has 59 of its debt pegged at fixed rates capitaland investment also said that its 2022 capital recycling is on track having met s16 billion of its s3 billion annual divestment target as of may 11 the group has about s10 billion of assets in its pipeline on its balance sheet which can be converted to funds under management it added