CapitaLand Mall Trust reports 49% fall in DPU for 1H 2020 on waivers

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Data from CapitaLand Mall Trust’s latest results have been updated into the Singapore REITs table.

Retail REIT CapitaLand Mall Trust (CMT) has reported distribution per unit (DPU) of 2.96 cents for its 1H 2020, down 49% year-on-year.

The REIT also reported net property income (NPI) of SGD216.4 million (USD155 million) for the period, 20.8% lower than 1H 2019.

This was mainly due to lower gross rental income arising from the rental waivers of SGD76.5 million granted by CMT to tenants affected by COVID-19 as well as lower gross turnover rent and car park income during the “circuit breaker” period.

The decline in gross revenue for 1H 2020 was partially mitigated by the new contribution from Funan’s retail and office components, which commenced operations end-June 2019, said the REIT.

As at 30 June 2020, CMT’s average cost of debt was 3.1% and aggregate leverage was 34.4%.

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