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CapitaLand Mall Trust (CMT) saw its distribution per unit for the period from 1 January 2015 to 31 December 2015 (FY 2015) increase 3.8 percent to 11.25 cents from 10.84 cents for FY 2014.
Distributable income climbed 4.4 percent to S$392.0 million, while gross revenue and net property income rose 1.5 percent and four percent, respectively, to S$669 million and S$466.16 million.
For Q4 2015, CMT’s distribution per unit increased 0.7 percent to 2.88 cents from 2.86 cents over the same period in 2014. Distributable income stood at S$101.9 million in Q4 2015, up 2.8 percent from the S$99.1 million posted in Q4 2014.
Gross revenue rose 9.2 percent to S$180.38 million, while net property income jumped 18.6 percent to S$125.7 million, mainly due to the acquisition of Bedok Mall.
“In 2015, we reinforced our leadership position as Singapore’s largest real estate investment trust with the acquisition of Bedok Mall on 1 October 2015,” said Danny Teoh, chairman of CapitaLand Mall Trust Management Limited, the manager of CMT.
“In addition, we unlocked value for unitholders with the sale of Rivervale Mall on 15 December 2015, where we recognised a gain of about S$72.7 million. Going forward, CMT’s established track record in proactive mall and asset management will ensure that we remain well-positioned to continually create value for our unitholders.”
Based on a closing price of S$1.960 per unit on 21 January 2016, CMT’s distribution yield is 5.83 percent. Unitholders can expect to receive their Q4 2015 DPU on 29 February 2016.
CMT’s current portfolio comprises 16 shopping malls – Tampines Mall, Junction 8, Bugis Junction, Sembawang Shopping Centre, JCube, Lot One Shoppers’ Mall, Funan DigitaLife Mall, IMM Building, Plaza Singapura, 90 of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+ and Bedok Mall. It also has a 30 percent stake in Westgate, as well as a 40 percent stake in Raffles City.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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