CapitaLand Mall Trust NPI up 1.1% to $122.68m in Q3

DPU grew 5% to $0.292.

CapitaLand Mall Trust recorded a net property income (NPI) of 1.1% YoY to $122.68m, an announcement revealed. Profits rose 4.9% YoY to $103.54m from $98.68m.

Meanwhile, distribution per unit (DPU) grew 5% YoY to $0.292. Revenue inched up 0.7% YoY to $170.5m.

Gross revenue was higher from Junction 8, IMM Building, Plaza Singapura, Bedok Mall and Tampines Mall. This was partially offset by lower gross revenue from Sembawang Shopping Centre and lower occupancy and rental rates contracted on new and renewed leases from JCube and Bukit Panjang Plaza.

“CMT continued to deliver stable returns in Q3 2018 despite uncertain market conditions,” Tony Tan, CEO of CMTML, said. “Portfolio occupancy as at 30 September 2018 was 98.5%, well above the market occupancy level of 92.7%.

Meanwhile, asset enhancement initiatives to uplift the shopping experience at Tampines Mall and Westgate are on track to complete in Q4 2018.

Back in August, CMT issued fixed rate notes of $150m at $3.20% due 21 August 2025 through its $3.5b Multicurrency Medium Term Note Programme. The proceeds from this issuance have been used to refinance the existing bank borrowings of Capitaland Mall Trust (CMT).