CapitaLand Commercial Trust's net property income jumps 34.4% to $69.1

Thanks to the stronger contributions from CapitaGreen.

CapitaLand Commercial Trust announced a 34.4% increase in its net property income for the quarter ending in June, reaching $69.1m.

According to OCBC Investment Research analyst Eli Lee, the group increased its distribution per unit by 3.2% to 2.27 Singapore cents. This came with the 6.7% improvement in the distributable income to $69.5m. More so, gross revenues went up by 29.5% to $87.5m.

"We deem these numbers to be within expectations. The trust’s committed occupancy rate was maintained at a healthy 97.6% as at end June 2017, despite difficult conditions in the office market, and the management recently affirmed their decision to redevelop Golden Shoe Car Park into an integrated development through a JV structure," Lee said.