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CapitaMall Trust (CMT) on Tuesday (21 April) reported that its distributable income for Q1 2015 rose by 4.2 percent to S$92.9 million compared to S$89.1 million during the same period a year ago.
As a result, its distribution per unit (DPU) for the first quarter increased by 4.3 percent to 2.68 cents from the 2.57 cents seen in Q1 2014. Based on CMT’s closing share price of S$2.250 per unit, the DPU translates to a distribution yield of 4.83 percent.
“CMT started the year on a strong footing, registering year-on-year increases of 4.7 percent in shopper traffic and 2.5 percent in tenants’ sales. Portfolio occupancy as at 31 March 2015 remained resilient at 97.2 percent,” commented Wilson Tan, CEO of CapitaMall Trust Management Ltd (CMTML), CMT’s manager.
In addition, Tan revealed that one of CMT’s malls, Clarke Quay, has completed its reconfiguration works at Block A, while the enhancement works for Tampines Mall, IMM Building and Bukit Panjang Plaza are on track to be completed as scheduled.
New-to-market brands at Clarke Quay include New York’s popular pizza joint Motorino, an authentic modern Irish pub by the name of McGettigan’s and Catch!, a new homegrown eatery offering fish and chips.
Touted as the first Real Estate Investment Trust (REIT) listed in Singapore, CMT has a market capitalisation of S$7.6 billion as of 31 March 2015, making it the biggest REIT on the republic’s stock exchange.
Separately, CapitaCommercial Trust’s (CCT) distributable income climbed by 4.7 percent to S$62.7 million in Q1 2015 on an annual basis following higher earnings from the trust’s wholly-owned properties and Raffles City Singapore, where it holds a 60 percent stake.
Consequently, its DPU edged up by 3.9 percent to 2.12 cents. Based on CCT’s closing price of S$1.725 per share on 21 April, the DPU represents a distribution yield of 5.0 percent.
CapitaCommercial Trust is a commercial REIT with a market capitalisation of about S$5.1 billion. As of 31 March 2015, the total value of CCT’s deposited properties is S$7.6 billion, comprising a portfolio of 10 prime local assets — Wilkie Edge, Bugis Village, Twenty Anson, Capital Tower, HSBC Building, Six Battery Road, One George Street, Golden Shoe Car Park, Raffles City (60 percent stake) and CapitaGreen (40 percent stake).
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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