CapitaLand Mall Trust (CMT) has reported a distribution per unit (DPU) of 2.81 Singapore cents for its 2Q 2018, an increase of 2.2% over the 2.75 cents achieved in the corresponding period of 2017.
The REIT’s gross revenue and net property income (NPI) grew by 1.6% and 2.8% respectively year-on-year, while distributable income came in at SGD100 million (USD73 million), which is an increase of 2.9%.
CMT has attributed the stronger performance to higher gross rental income from Plaza Singapura, Bedok Mall, Bugis Junction and Tampines Mall.
But these increases were partially offset by less favourable conditions at JCube and Bukit Panjang Plaza, and the loss of revenue from Sembawang Shopping Centre, which was divested in June 2018.
Net sale proceeds from the divestment have been used to repay existing borrowings, and this has improved the REIT’s gearing from 33.5% as at 31 March 2018, to 31.5% as at 30 June 2018.