CCT's NPI up 0.7% to $80.3m in Q1

This is despite the 25% crash in DPU to 1.65 cents.

CapitaLand Commercial Trust (CCT) saw its net property income inch up 0.7% YoY to $80.33m in Q1 from $79.8m in 2019, according to a local bourse filing. Gross revenue climbed 3.8% YoY to $103.6m from $99.76m over the same period.

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The revenue jump was attributed to the contribution from the Main Airport Center (MAC), acquired in September 2019, as well as higher gross revenue from 21 Collyer Quay, Gallileo and CapitaGreen. The increase was offset partially by lower gross revenue from AST2, Six Battery Road and Bugis Village.

However, CCT’s distribution per unit crashed 25% YoY to 1.65 cents in Q1 from 2.2 cents in 2019. Its distributable income also dropped 23% YoY to $63.72m from $82.72m over the same period, on the back of lower distribution from Raffles City Singapore (RCS) Trust, no tax-exempt distribution, asset management fees paid wholly in cash and a retention of $6.4m taxable income.

Property operating expenses for Q1 rose 16.6% YoY to $23.3m, no thanks to the addition of operating expenses of MAC and rental charges payable to SLA for Bugis Village from 1 April 2019 to 31 March.

Trust and other operating expenses in the same quarter edged up 28.3% to $1.4m.