CapitaCommercial Trust's distributable income up 3.3% to $60.2m

Portfolio occupancy remained stable at 98.7%.

According to OCBC Investment Research, CapitaCommercial Trust (CCT) reported 4Q13 distributable income of S$60.2m – 3.3% higher YoY. This cumulates to a FY13 distributable income of S$234.2m, up 2.5% YoY, which is within expectations and make up 102.1% of OCBC's forecast.

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4Q13 DPU is 2.09 S-cents, cumulating to a 8.14 S-cent DPU for FY13 and translates to a 5.5% distribution yield based on the last closing price of S$1.49. The growth in distributable income was mainly due to higher revenue contributions across portfolio properties and a full year contribution from Twenty Anson.

Its portfolio occupancy remained stable at 98.7% as of end 4Q13, versus 97.6% in the previous quarter. As a result of continued rental reversions, CCT’s average committed office portfolio rentals increased QoQ from S$8.03 psf to S$8.13 psf.