CapitaMall Trust's distributable income up 5.1% to $316.9m in 2012

Thanks to contributions from JCube and Bugis+.

In a statement, CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), announced that CMT achieved distributable income of S$316.9 million for the period 1 January to 31 December 2012 (FY2012).

This is 5.1% higher than the distributable income for Full Year 2011 (FY2011). FY2012 distribution per unit (DPU) was 9.46cents, compared to FY2011 DPU of 9.37 cents.

The improved performance in FY2012 compared with FY2011 was mainly due to contributions from JCube which re-opened in April 2012, Bugis+ which was acquired in April 2011 and saw completion of asset enhancement works in July 2012, as well as rental increases from new leases and renewal of existing leases.

In connection with a private placement that was completed on 30 November 2012, an advanced distribution of 1.55 cents per unit for the period 1 October to 29 November 2012 will be paid to Unitholders on or around 28 January 2013.

Unitholders can also expect to receive a distribution of 0.81 cents per unit for the period 30 November to 31 December 2012 on 28 February 2013. The DPU for the period 1 October to 31 December 2012 (4Q 2012) is therefore 2.36 cents. This brings the total DPU for FY2012 to 9.46 cents, which implies a distribution yield of 4.36% based on CMT’s closing price of S$2.17 per unit on 17 January 2013. The Books Closure Date will be on 28 January 2013.

Mr James Koh Cher Siang, Chairman of CMTML, said, “Underpinned by a good fourth quarter, we are pleased that CMT has delivered steady operational performance for FY2012.

Our completed asset enhancement works at JCube, Bugis+ and The Atrium@Orchard are starting to bear fruit and we expect them to continue to boost our rental income in 2013. The economic outlook for Singapore in 2013 is expected to remain subdued.

However, CMT’s portfolio of well- located necessity shopping malls would position us well in these times.”

Mr Wilson Tan, CEO of CMTML, said, “Looking forward, we will focus on our repositioning exercise for IMM Building and leasing activities for Westgate, both of which are progressing well.

With the repayment of the S$783.0 million term loan on 31 October 2012, we now have 13 out of 15 properties that are unencumbered, providing us with further financial flexibility in managing CMT’s balance sheet. We have also obtained sufficient funds to fully refinance CMT’s debts due in 2013.”