CapitaLand Commercial Trust DPU rises 2.1% amid higher rents

Commercial REIT CapitaLand Commercial Trust (CCT) reported a 2.1 per cent year-on-year increase in its distribution per unit (DPU) in the first half of this year, amid higher rents across its portfolio.

CCT attained a DPU of 4.31 Singapore cents in H1 2015, according to data from CapitaLand Commercial Trust Management released on Friday (Jul 24).

However, on a quarterly basis, the DPU rose just 0.5 per cent year-on-year in Q2 2015 to 2.19 cents.

Based on CCT’s closing price per unit of S$1.47 on Jul 23 and the annualised DPU for H1 2015, the distribution yield is 5.9 per cent, said CapitaLand Commercial Trust Management.

CCT’s monthly average office portfolio gross rent rose 1.1 per cent quarter-on-quarter in Q2 2015 to S$8.88 per square foot. Among CCT’s Grade A properties, One George Street and Six Battery Road attained monthly rents of between S$12.50 and S$14.80 per square foot. In addition, CapitaGreen’s monthly rent was between S$12.05 and S$16.00 per square foot.

The REIT reported a gross revenue of about S$137 million for the first half of 2015, up 5.7 per cent year-on-year. For Q2 2015, CCT’s gross revenue came in at about S$69.1 million, a 5 per cent increase from the same period last year.

CCT’s net property income was S$107 million in H1 2015, a 5 per cent increase from the same period last year. For Q2 2015, CCT’s net property income was S$53.8 million, up 3.6 per cent year-on-year.

For the first half of 2015, CCT’s distributable income rose 2.5 per cent year-on-year to S$127 million. The REIT’s distributable income edged up 0.5 per cent year-on-year to S$64.4 million in Q2 2015.

Source : Channel NewsAsia – 24 Jul 2015

COMMENTS