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CapitaLand Retail China Trust (CRCT) saw its distribution per unit (DPU) increase 0.8 percent to 2.64 cents in the second quarter ended 30 June 2018, while distributable income rose 10 percent to $25.7 million.
“The stronger performance was boosted by the first full-quarter contribution of Rock Square,” said CRCT.
Net property income fell 5.9 percent to $37.6 million, while gross revenue dropped 4.6 percent to $56.3 million, primarily due to loss of contribution from CapitaMall Anzhen which was divested with effect from 1 July 2017.
For the first half of 2018, DPU and distributable income climbed 0.6 percent and 9.8 percent to 5.39 cents and $52.4 million respectively.
Net property income and gross revenue, on the other hand, declined by 6.8 percent and 6.3 percent to $74.8 million and $111.6 million respectively.
Based on CRCT’s annualised DPU of 10.59 cents and closing price of $1.54 per unit on 26 July, the annualised distribution yield for the second quarter of 2018 stood at 6.9 percent.
Unitholders can expect to receive their DPU for Q1 and Q2 2018 on 20 September, revealed CRCT.
“We are pleased that our portfolio reconstitution efforts and proactive asset management are showing positive results, delivering a double-digit growth for Q2 2018’s distributable income. Rental reversions at our core multi-tenanted malls for the quarter averaged a healthy 10.5 percent, while portfolio occupancy as at 30 June 2018 was resilient at 97.4 percent,” said Tan Tze Wooi, CEO of CRCT’s manager.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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