CapitaMall Grand Canyon acquisition pulls up CapitaRetail China Trust’s revenue by 30.2%

And organic rental growth from other multi-tenant malls.

CapitaRetail China Trust (CRCT) reported a solid set of 3Q14 results, with DPU growing by 10.3% YoY to 2.35 S cents on the back of a 30.2% jump in its gross revenue to S$51.4m.

According to OCBC Investment Research, the latter was driven by new contributions from its acquired CapitaMall Grand Canyon and organic rental growth from its other multi-tenanted malls. 

For 9M14, revenue and DPU increased by 26.7% and 7.6% to S$150.6m and 7.34 S cents, such that these figures constituted 76.2% and 75.7% of our FY14 estimates, respectively. 

Overall portfolio occupancy stood at 97.6% as at 30 Sep 2014, a slight decline from the 98.1% as at 30 Jun 2014. During 3Q14, CRCT recorded a robust 22.6% rental reversion, and this was also the third consecutive quarter which it saw a rental uplift of more than 20%.