CapitaMall Trust property Plaza SingapuraCapitaMall Trust property, Plaza Singapura

Singapore-listed retail REIT, CapitaMall Trust (SGX:C38U), has on 21 April announced a distribution per unit (DPU) of 2.68 Singapore cents for 1Q 2015 - 4.3% higher than the 2.57 cents for the same period in 2014 (1Q 2014).

The REIT’s gross revenue grew 1.6% year-on-year to SGD167.3 million for 1Q 2015, mainly due to the completion of the second phase of the asset enhancement initiative at Bugis Junction in September 2014. Correspondingly distributable income for the period is at SGD92.9 million, a 4.2% increase over the SGD89.1 million for 1Q 2014.

The results come on the back of a 4.7% increase in shopper traffic and 2.5% increase in tenants’ sales, said Wilson Tan, CEO of the REIT’s manager. “Portfolio occupancy as at 31 March 2015 remained resilient at 97.2%”, he added.

Tan also revealed that Clarke Quay has completed reconfiguration works and now feature new tenants including a modern Irish pub from Ireland, a popular pizza joint from New York and a new homegrown eatery offering fish and chips.

“In addition, the asset enhancement works for IMM Building, Bukit Panjang Plaza and Tampines Mall have made good progress and are on track to be completed as scheduled”, said Tan.

As at 31 March 2015, the REIT’s average cost of debt and aggregate leverage were 3.4% and 33.8% respectively. Units of CapitaMall Trust are currently listed on the Singapore Exchange at SGD2.24.

CapitaMall Trust property Plaza Singapura
CapitaMall Trust property, Plaza Singapura

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.