CapitaMall Trust posts 3Q distributable income of $74.9m

CapitaMall Trust, Singapore’s biggest property trust, said third-quarter distributable income rose 23.3% from a year earlier to $74.9 million.

Unitholders can expect to receive their Third Quarter 2009 distribution of 2.35 cents per unit on 26 November 2009.

The annualised distribution per unit will be 9.32 cents, translating to an annualised yield of 5.27% based on the unit price of $1.77 on 21 October 2009.

The Books Closure Date is 30 October 2009.

CapitaMall says gross revenue for 3Q2009 was $139.4 million. This is an increase of 7.5% over the T3Q2008, mainly from the acquisition of The Atrium@Orchard and completion of asset enhancement initiatives at Sembawang Shopping Centre.

CapitaMall’s NPI also increased 8.8% from $86.9 million for 3Q2008 to $94.5 million for 3Q2009. Excluding The Atrium@Orchard, Sembawang Shopping Centre and Jurong Entertainment Centre, 3Q2009 net property income grew by 6.4% over 3Q2008. Rental renewal rates year to date September 2009 registered a moderate growth of 1.8% over preceding rental rates, typically committed three years ago.

Asset Enhancement Initiative (AEI) – Raffles City Singapore

CapitaMall says the capital expenditure for this initiative is $33.23 million with an expected return on investment of 8%. This AEI in conjunction with CapitaCommercial Trust involves the re-configuration of the basement 1 space of Raffles City Singapore.

CapitaMall will also connect the current City Hall MRT station to the new Esplanade MRT station via a seamless shopping experience through basement 1 and 2 of Raffles City. The Esplanade MRT Station is expected to open by 3Q 2010. With this addition, there will be three train lines bringing shoppers to Raffles City.

Source : The Edge – 22 Oct 2009

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