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

Financial analysts monitoring CapitaLand Mall Trust (CMT) have issued differing recommendations on the retail REIT after its 3Q 2018 results.

The REIT reported a distribution per unit (DPU) of 2.92 Singapore cents for the quarter, an increase of 5% year-on-year from the FY2017.

However, when excluding the SGD4 million (USD2.9 million) of taxable income available for distribution to unitholders that was previously retained, 3Q 2018 DPU growth would have been more stable at 2.81 cents, or a growth of 1% according to an OCBC estimate.

Correspondingly, the REIT’s gross revenue and net property income for the period rose 0.7% and 1.1% year-on-year to SGD170.5 million and SGD122.7 million, respectively.

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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.