CapitaLand Malaysia Trust Gurney Plaza REITsWeek

Mixed commercial REIT CapitaLand Malaysia Trust (CLMT) announced on 26 October that its gross revenue for 3Q 2022 has grown by 45.9% year-on-year to MYR71 million.

Accordingly, the REIT’s net property income (NPI) grew 105.8% year-on-year to MYR38.2 million from MYR18.6 million in 3Q 2021.

The REIT has attributed its performance for the period to higher revenue contribution across all its properties amidst a recovery in retail sentiment.

As a result, distributable income for 3Q 2022 was MYR22.2 million and distribution per unit (DPU) was 1.01 sen.

“CLMT’s improved performance in 3Q 2022 was in line with the overall recovery of Malaysia’s retail sector, boosted by the lifting of pandemic restrictions and reopening of international borders”, said Lui Chong Chee, Chairman of the REIT’s manager.

“While steady domestic demand is expected to sustain the recovery of Malaysia’s economy for the rest of 2022, we are cognisant that increasing global macroeconomic uncertainties may ease the momentum”, he said.

“To this end, CLMT will remain proactive in maintaining healthy portfolio occupancy and sustainable rental income while ensuring cost efficiencies and keeping a lookout for opportunities to diversify income streams”, he added.

CLMT was last done on the Bursa Malaysia at MYR0.525.

By Shariffa Al-Habshee

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