CMT has announced a 4Q 2014 DPU rise of 5.1% year-on-year.

Attributing its performance to high occupancy numbers and a diversified tenant base, Singapore-listed retail REIT CapitaMall Trust (CMT) (SGX:C38U ) announced distributable income of SGD93.7 million for the period for its 3Q 2014 which ran from 1 July to 30 September.

The figure is 5.6% higher than the SGD88.8 million recorded for the same period last year. Distribution per unit (DPU) for the quarter stands at 2.72 Singapore cents, an increase of 6.2% from the 2.56 Singapore cents for 3Q 2013.

The REIT’s gross revenue grew 2.9% year-on-year to SGD164.6 million for 3Q 2014, while net property income (NPI) increased 3.3% compared to 3Q 2013. From September 2013 to 2014, 417 leases were renewed with a growth of 6.3% over preceding rental rates typically contracted three years ago.

CEO for the REIT’s manager Wilson Tan has attributed the results to CMT’s consistently high occupancy rate of 98.5% across the portfolio and its diversified tenant base, including the addition of more tenants at Bugis Junction after the property’s asset enhancement initiatives.

“The mall added more specialty stores, including popular local and foreign brands such as Nike, Challenger, Muji, Skechers, Miam Miam and Billabong”, said Tan. “Bugis Junction now boasts an even wider selection of merchandise and an enhanced shopping experience”.

As at 30 September 2014, CMT’s average cost of debt and gearing ratio were 3.6% and 34.1% respectively.

Units of CMT are currently listed on the Singapore Exchange at SGD1.91.

CMT has announced a 3Q 2014 DPU rise of 6.2% year-on-year.
CMT has announced a 3Q 2014 DPU rise of 6.2% year-on-year.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.