CapitaLand Commercial Trust (CCT) reported on Wednesday (20 Jul) a distribution per unit (DPU) of 2.20 cents in Q2 2016 ended 30 June, a 0.5 percent change compared to 2.19 cents DPU reported in the same period last year.
The trust’s distributable income stood at S$65.1 million, up one percent year-on-year, due to higher contribution from its 40 percent interest in CapitaGreen (pictured) and 60 percent interest in Raffles City Singapore. Despite this, its net property income slipped by 4.5 percent to S$51.4 million which the trust attributed to higher operating expense attributed to leasing commissions and property tax.
Meanwhile, CCT’s revenue also slid 2.2 percent to S$67.6 million due to lower occupancies in some of its buildings.
Commenting, CCT Management chief executive officer Lynette Leong said: “Despite the muted macroeconomic environment and challenging office market conditions in Singapore, CCT’s portfolio occupancy rate of 97.2 percent remains higher than market occupancy rate of 95.1 percent in 2Q 2016.”
In Q2, CCT signed approximately 277,000 square feet of new leases and renewals, of which 27 percent were 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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