CapitaMall Trust distributable income rises 11.3% to S$85.3m

AEI works delivering on profit promise.

In a release, CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), announced CMT’s distributable income of S$85.3 million for the period 1 January to 31 March 2013 (1Q 2013) is 11.3% higher than the S$76.6 million for the same period in 2012.

1Q 2013 distribution per unit (DPU) of 2.46 cents represents a 7.0% increase from the 2.30 cents for 1Q 2012. This translates to an annualised distribution yield of 4.42%, based on CMT’s closing price of S$2.26 per unit on 19 April 2013. Unitholders can expect to receive their DPU on 30 May 2013. The Books Closure Date is on 29 April 2013.

Mr Danny Teoh, Chairman of CMTML, said, “CMT has performed well in first quarter of 2013. We are harvesting the fruits of our completed asset enhancement works at JCube, Bugis+ and The Atrium@Orchard, all of which have been trading well since the completion of the works. The portfolio’s new and renewed leases also contributed to the revenue growth.”

Mr Wilson Tan, CEO of CMTML, said, “We continue to identify good value creation opportunities in our asset portfolio. We will soon start our asset enhancement works at Bugis Junction in the second quarter. This project is expected to contribute a return on investment of about 9.0% upon stabilisation. We have also committed the space formerly vacated by Carrefour at Plaza Singapura to two new tenants. For IMM Building, our repositioning exercise is progressing well and we have secured 50 outlet brands for the mall.

CMT’s gross revenue was S$178.2 million for 1Q 2013, a 14.8% increase over the S$155.2 million for 1Q 2012. Net property income (NPI) was S$125.1 million, a 15.5% increase over the S$108.3 million for the corresponding quarter in 2012. In 1Q 2013, tenants’ sales recorded a year-on-year increase of 2.4%. During the quarter, 170 leases were renewed with a positive reversion of 6.2% over preceding rental rates contracted three years ago. CMT’s portfolio occupancy rate recorded 98.3% as at 31 March 2013.