CapitaLand Mall Trust's Bugis+ (Photo: REITsWeek)

Retail REIT CapitaLand Mall Trust has announced a distribution per unit (DPU) of 2.75 Singapore cents for its 2Q 2017, which is 0.4% higher than the 2.74 cents achieved in 2Q 2016.

Gross revenue for the period slid by 1.3% to SGD168.6 million (USD123 million) although net property income (NPI) of SGD117.5 million for the quarter came in 1.2% higher year-on-year.

Correspondingly distributable income for the period was SGD97.2 million, 0.1% higher than the SGD97.1 million for 2Q 2016.

The REIT has attributed its 2Q 2017 results mainly due to loss of income from Funan, as the mall ceased operations in July 2016 for redevelopment works.

“Notwithstanding the challenges in Singapore’s retail sector, [CapitaLand Mall Trust] has produced yet another steady set of results for the quarter under review”, said Tony Tan, CEO of the REIT’s manager, in a statement on the results.

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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.