CapitaMall Trust net property income up 12.9% to S$126.5m

All malls contributed positively except one.

CapitaMall Trust (CMT) turned in a firm set of 3Q13 results, reports OCBC, with net property income growing by 12.9% YoY to S$126.5m, driven chiefly by The Atrium@Orchard following the completion of asset enhancement initiatives (AEI) in Oct 2012.

In fact, OCBC notes that all other malls also contributed positively during the quarter due to higher secured rentals, except for Bugis Junction which recorded lower contribution as a result of ongoing refurbishment works since April.

CMT also benefited from lower finance expenses during the quarter, raising distributable income by 9.7% to S$88.8m. Meanwhile, operational metrics remained steady, according to OCBC.

"Management noted that its tenants’ sales increased by 2.8% for 9M13, while its shopper traffic grew by 4.0%. Positive rental reversion of 6.3% was also achieved for the 528 leases renewed over the period, roughly consistent with growth of 6.4% attained in 1H. As at 30 Sep, portfolio occupancy stood at 99.5%, slightly higher than 99.1% level seen in 2Q."

"Management noted that its tenants’ sales increased by 2.8% for 9M13, while its shopper traffic grew by 4.0%. Positive rental reversion of 6.3% was also achieved for the 528 leases renewed over the period, roughly consistent with growth of 6.4% attained in 1H. As at 30 Sep, portfolio occupancy stood at 99.5%, slightly higher than 99.1% level seen in 2Q," it added.