Perennial China DPU flat for 1Q 2014

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Singapore-listed Perennial China Retail Trust (PCRT) (SGX:N9LU) reported a distribution per unit (DPU) of 0.95 Singapore cents for its 1Q 2014.

Amount available for distribution for the quarter came in at SGD10.9 million. The DPU and distribution figures are exactly the same as the corresponding period in 2013.

In a statement elaborating results for the quarter, PCRT highlighted several challenges that it faces with occupancy figures at its malls and offices.

Occupancy at the Shenyang Longemont Shopping Mall registered 85.0% in the quarter but PRCT indicated that it is embarking on a repositioning exercise for the property. Leasing of the Shenyang Longemont Offices has also been slow in 1Q 2014, largely due to the public holiday season. Commitment at the offices grew marginally to 46.2%.

PRCT is banking on its latest property, Perennial Qingyang Mall in Chengdu, to bolster its figures for the coming quarters. The property officially commenced trading on 25 April 2014 with a committed occupancy of 94.8% and features international retailers such as Starbucks, Toys ‘R’ Us, OSIM and BreadTalk.

Units of PCRT ended the trading day at SGD0.545 on the Singapore Exchange.

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