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CapitaLand Retail China Trust’s (CRCT) distributable income for the third quarter of 2017 rose 4.2 percent to $21.4 million, while distribution per unit (DPU) climbed by 0.4 percent to 2.37 Singapore cents.
Net property income (NPI) and gross revenue also rose 9.7 percent and 10.6 percent to $36 million and $55 million, respectively.
“The increase in NPI was mainly driven by the contribution from CapitaMall Xinnan – which was acquired on 30 September 2016 – and rental growth from the other multi-tenanted malls, partially offset by the divestment of CapitaMall Anzhen with effect from 1 July 2017,” said the trust’s manager.
For the period 1 January to 30 September 2017, distributable income increased 4.5 percent to $69 million, while DPU edged up by 0.7 percent to 7.73 Singapore cents. NPI and gross revenue rose 10.7 percent and 11 percent to $116 million and $175 million, respectively.
Tan Tze Wooi, CEO of the trust’s manager, revealed that CRCT achieved a positive rental reversion of 7.5 percent in Q3 2017 for its multi-tenanted malls.
International brand MAC, for instance, was added to CapitaMall Xizhimen, while technology brand Xiaomi opened at CapitaMall Grand Canyon. Xiaomi is also expected to open at CapitaMall Xizhimen by end-2017, as part of a reconfigured unit that replaced a fast food restaurant.
“Our continued reconfiguration efforts have also yielded a positive rental reversion of more than 10 percent at CapitaMall Xinnan for the quarter. At CapitaMall Qibao, rooftop space on levels 4 and 5 will be activated as part of an expanded children’s learning playland, and renovations are expected to be completed by Q1 2018,” he said.
“As we proactively refresh our malls’ offerings to keep abreast of changing consumer needs, we continue to be on the lookout for acquisition opportunities that will further enhance unitholders’ value.”
(Photo: CapitaLand)
This article was edited by Keshia Faculin.
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