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CapitaLand Commercial Trust (CCT) registered a 2.4 percent year-on-year increase in distribution per unit (DPU) to 2.14 cents for the third quarter ended 30 September 2015.
The trust also saw its gross revenue grow by 2.9 percent to S$68.35 million, while net property income climbed 1.5 percent to S$52.7 million.
As such, distributable income rose 2.6 percent to S$63.2 million.
Lynette Leong, CapitaLand Commercial Trust Management chief executive officer, said the trust’s manager, revealed that CCT’s portfolio occupancy of 96.4 percent as at 30 September 2015 is above CBD Core market occupancy of 95.8 percent.
“On executing our proactive leasing strategy, we continue to commit rents that are higher than the expiring rents for leases due in 2015, thereby generating positive rent reversions. CCT’s monthly average office portfolio gross rent rose marginally to S$8.89 per sq ft for Q3 2015,” she said.
“In anticipation of the new office supply expected in the second half of 2016, we have proactively implemented a well-spread portfolio lease expiry profile with major leases expiring in 2019 and beyond. Retention of strategic tenants and attracting new tenants to our portfolio of properties remain our priority.”
Notably, CCT inked around 226,000 sq ft of new leases and renewals in Q3 2015, of which 36 percent are new leases.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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