CapitaCommercial Trust (CCT) has reported a distribution per unit (DPU) of 2.15 cents for the fourth quarter of 2014. This is 2.9 per cent higher from a DPU of 2.09 cents in the same quarter a year ago.
Distributable income for the quarter also rose 5.7 per cent on-year to S$63.6 million.
For the full year ended Dec 31, CCT recorded a DPU of 8.46 cents, up 3.9 per cent from the previous year. CCT’s distributable income of S$249.2 million in FY 2014 was also 6.4 per cent higher than the S$234.2 million achieved in FY 2013.
This was largely due to higher net property income and lower interest expense for CCT’s wholly-owned properties.
Ms Lynette Leong, CEO of CapitaCommercial Trust Management Limited – which manages CCT, said: “In FY 2014, CCT’s portfolio of buildings achieved higher occupancy and signing rents that were greater than expired rents. Including the committed rents of CapitaGreen, the monthly average office rent of CCT’s office portfolio increased by 5.9 per cent from S$8.13 per square foot in Q4 2013 to S$8.61 per square foot in Q4 2014.”
Looking ahead, CCT’s manager said in a statement that it expects office market rent to continue to rise given the limited new CBD Core office supply in 2015. It added that the annual average gross new supply is estimated to be 1.1 million square feet from 2015 to 2019.
Source : Channel NewsAsia – 21 Jan 2015