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CapitaLand Commercial Trust’s (CCT) distributable income rose by seven percent to $73.11 million during the third quarter, revealed an SGX filing today (20 October 2017).
“The year-on-year growth was due to stronger performance from CapitaGreen and a $3.3 million top-up for the loss of distributable income arising from the divestments of One George Street (50 percent stake) and Wilkie Edge.”
At the same time, its Distribution Per Unit (DPU) slightly increased by 2.6 percent to 2.36 cents. But taking into account the approximately 513 million CCT rights units issued on 27 October, the adjusted DPU for Q3 2016 and Q3 2017 amounts to 1.89 cents and 2.02 cents respectively.
But in Q3 2017, CCT’s gross revenue dipped 0.4 percent to $74.15 million, while net property income edged up by 2.7 percent to $58.56 million. Its adjusted net asset value per unit also reached $1.75, based on its balance sheet as of 30 September after taking into account the completion of the Asia Square Tower 2
“CCT has delivered a positive set of results this quarter, with portfolio committed occupancy rate at 98.5 percent, well-above the market rate of 92.5 percent. This excludes the occupancy rate of Asia Square Tower 2 as the acquisition will only be completed in November 2017,” said Lynette Leong, CEO of CapitaLand Commercial Trust Management.
CCT is Singapore’s first and biggest commercial real estate investment trust (REIT) with market capitalization of about $5.1 billion.
It has a portfolio of nine prime properties here, including Capital Tower, CapitaGreen, Six Battery Road, HSBC Building, Twenty Anson, Bugis Village, One George Street (50-percent-owned) and Raffles City (60-percent-owned).
Furthermore, it revealed that the redevelopment of its 45-percent-owned Golden Shoe Car Park is expected to be completed by 1H 2021.
(Photo: CapitaLand)
This article was edited by Keshia Faculin.
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