CapitaLand Retail China Trust's Rock Square. (Photo: CapitaLand Retail China Trust)CapitaLand Retail China Trust's Rock Square. (Photo: CapitaLand Retail China Trust)

CapitaLand Retail China Trust (CRCT) has reported a distribution per unit (DPU) of 2.59 cents for its 1Q 2019, down 5.8% year-on-year.

For 1Q 2019, the REIT’s gross revenue was SGD56.0 million, 1.1% higher year-on-year.

Meanwhile, net property income (NPI) of RMB198.9 million for the period is an increase of 10.7% year-on-year from RMB179.6 million in 1Q 2018.

Total distributable amount to unitholders for 1Q 2019 was SGD25.9 million, a fall of 3.1% year-on-year.

In 1Q 2019, CRCT’s tenants’ sales increased 9.8% year-on-year, while shopper traffic grew 14.0%.

The REIT’s portfolio occupancy as at 31 March 2019 was at 97.4%.

Gearing was at 35.5%, up from the 35,4% as at 31 Dec 2018,

Correspondingly, average cost of debt grew to 2.96%, from 2.73% in the previous quarter.

Based on CRCT’s closing price of S$1.51 on 24 April 2019, the annualised distribution yield for 1Q 2019 was 7.0%

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.