CapitaLand Mall Trust's NPI up 13.1% to $558.22m in 2019

The acquisition of Infinity Mall Trust was its main revenue driver.

CapitaLand Mall Trust’s (CMT) net property income (NPI) jumped 13.1% YoY to $558.22m in FY2019 from $493.55m in the previous year, an announcement revealed.

Distributable income also rose 7.5% YoY to $441.60m from $410.7m in FY2018. Distribution per unit (DPU) in FY2019 was at 11.97 cents, which is 4.1% YoY higher than the 11.50 cents in the previous year.

Gross revenue edged up 12.8% YoY to $786.74m over the same period, due to a boost from the acquisition of 70% of the units in Infinity Mall Trust last November 2018. Westgate also contributed $74.9m and Funan accounted for $28.5m of the total gross revenue. This was partially offset by lower gross revenue from the divestment of Sembawang Shopping Centre last June 2018.

Excluding Westgate, Funan and SSC’s gross revenues were higher in FY2019 than in FY2018, mainly due to higher gross rental and other income.

On a quarterly basis, CMT’s NPI grew 13.1% YoY to $140.7m in Q4 2019 from $124.4m in 2018. Distributable income inched up 6% YoY to $114.6m over the same period, whilst DPU hit 3.11 cents.

Also read: CapitaLand Mall Trust NPI up 17.6% to $144.2m in Q3

The firm’s annualised distribution yield for Q4 2019 was 4.76% and its average cost of debt by end-2019 was 3.2%.