CapitaCommercial Trust's net property income jumped 7.1%

Thanks to these main boosters.

In a release, CapitaCommercial Trust Management Limited announced Net property income in 1Q 2013 saw a 7.1% rise due to higher revenue offset by higher property tax and operating expenses. An increase of interest income from shareholder’s loan and lower interest expenses also contributed to higher distributable income.

It also reported a distribution per unit (DPU) of 1.96 cents for the financial quarter ended 31 March 2013 (1Q 2013). This is 3.2% above DPU of 1.90 cents reported in 1Q 2012. Based on CCT’s closing price per unit of S$1.705 on 18 April 2013, CCT’s distribution yield is 4.7%.

CCT’s 1Q 2013 distributable income of S$55.7 million is 3.3% higher than the S$53.9 million achieved in 1Q 2012. 1Q 2013 gross revenue grew by 9.7% from 1Q 2012 mainly due to a full quarter contribution from Twenty Anson acquired in March 2012 and HSBC Building’s higher rent which started from end-April 2012. 

Ms Lynette Leong, Chief Executive Officer of the Manager, said, “CCT’s portfolio occupancy is resilient at 95.3% compared to the market average occupancy of 93.2% for Core CBD as at the end of 1Q 2013. CCT’s properties also registered positive rent reversions; as a result, CCT’s average monthly portfolio office rent continued to increase from S$7.64 per square feet in 4Q 2012 to S$7.83 per square feet in 1Q 2013.”