CapitaLand Commercial Trust's Asia Square Tower 2. (Photo: CapitaLand Commercial Trust)

CapitaLand Commercial Trust has reported a distribution per unit (DPU) of 2.36 Singapore cents for its 3Q 2017, a year-on-year increase of 2.6% over the 2.3 cents achieved in the corresponding period of 2016.

The Singapore-listed office REIT’s net property income (NPI) for the period grew by 2.7% year-on-year to SGD58.6 million, while gross revenue increased by 0.4% to SGD74.1 million.

Correspondingly, distributable income, which came in at SGD73.1 million for the quarter, represents an increase of 7.0% over the SGD68.3 million in 3Q 2016.

The REIT has attributed the results mainly to stronger performance from CapitaGreen, and a SGD3.3 million top up for the loss of distributable income arising from the divestments of a 50% interest in One George Street, and Wilkie Edge.

The REIT’s portfolio weighted average lease expiry (WALE) by net lettable area (NLA) as at end September 2017 was 6.4 years, while average portfolio rent increased to SGD9.23 per square foot per month.

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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.