Singapore listed Office REIT CapitaCommercial Trust (CCT) (SGX:C61U) has posted an increase of 0.5 percent in its year-on-year DPU for 2Q 2013 on the back of a growth in revenue of 1.8 percent. Revenue for the quarter came in at S$97.5 million.
CCT has attributed the weaker numbers to higher property taxes and operating costs which have offset growth in revenue. But the latest results could by symptomatic of challenges currently facing the Singapore office market as rents begin to plateau.
|CapitaCommercial Trust has attributed the weak numbers to higher property taxes and operating costs.|
These results meant that the estimated DPU for 1H2013 stands at 4.01 Singapore cents, an increase of 1.3 percent from the corresponding period from 2012.
CCT has also announced a 1.6 percent in 1.6 percent increase in its portfolio value, with the biggest increase coming from the yet to be completed CapitaGreen which rose 6 percent to S$339 million. Total portfolio value for CCT as at 30 June now stands at S$6.81 billion.
Units of CCT closed the day 1.3 percent lower on the news to end at S$1.48 on the SGX.