Singapore-listed retail REIT CapitaMall Trust (CMT) (SGX:C38U) has reported a distribution per unit (DPU) 2.86 Singapore cents for its 4Q 2014, 5.1% higher than the 2.72 Singapore cents for the corresponding period in 2013.

The quarter’s figure brings CMT’s DPU for its financial period spanning 1 January 2014 to 31 December 2014 to 10.84 Singapore cents, a 5.6% increase over the DPU of 10.27 Singapore cents for 2013. Meanwhile distributable income for FY 2014 was SGD375.3 million, a 5.4% increase over the distributable income of SGD356.2 million for FY 2013.

However net property income for the quarter fell 4.1% when compared to the corresponding period in 2013.

“Our portfolio of malls continued to enjoy high occupancy of 98.8% as at 31 December 2014”, said Wilson Tan, CEO of CapitaMall Trust Management Limited (CMTML), adding that ongoing asset enhancement works are proceeding smoothly for Bukit Panjang Plaza, Tampines Mall and IMM Building.

“In addition, we have created additional space in Sembawang Shopping Centre for a childcare centre. Reconfiguration works at Block A in Clarke Quay are also underway to introduce new F&B and entertainment concepts, as we continue to reinforce Clarke Quay’s attractiveness as a vibrant place to visit”, added Tan.

As at 31 December 2014, CMT’s average cost of debt and gearing ratio were 3.5% and 33.8% respectively. Units of CMT are currently listed on the Singapore Exchange at SGD2.25.

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