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CapitaMall Trust’s (CMT) distributable income increased by 5.6 percent to S$93.7 million in Q3 2014 from S$88.8 million in the corresponding period last year, according to the company’s SGX filing.
As a result, distribution per unit (DPU) rose by 6.2 percent to 2.72 cents from 2.56 cents previously. This brings its DPU for the first three quarters of the year to 7.98 cents, up 5.7 percent from 7.55 cents during the same period in 2013.
“We are pleased to report that CMT continued to deliver steady financial performance, underpinned by the large and diversified tenant base of our portfolio, and the consistently high occupancy rate of 98.5 percent across the portfolio as at 30 September 2014,” said Wilson Tan, CEO of CMT Management.
According to Credit Suisse, the 5.7 percent annual gain is attributed to contributions from Westgate, better performances at its bigger properties like Atrium, Junction 8, Plaza Sing and Raffles City. It was, however, diminished by lower occupancy at JCube and IMM.
Meanwhile, CMT has completed the second phase of its asset enhancement initiative (AEI) at Bugis Junction, achieving a nine percent return of investment (ROI) on its S$35 million capital expenditure (CAPEX), noted the Swedish financial institution.
For Bukit Panjang Plaza, the trust plans to add an extension block with more F&B offerings by spending S$18.5 million with a target ROI of eight percent, noted the Swedish financial institution.
Furthermore, all of CMT’s 70 retail units at JCube’s J.Avenue were fully leased, while the upgrading of IMM Building, Tampines Mall and Bukit Panjang Plaza are “progressing smoothly,” Tan said.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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