CapitaMall Trust says its second quarter distribution per unit rose 7.5 per cent on-year to 2.29 cents.
It announced a DPU of 2.13 cents in the year-ago period.
Second quarter distributable income also rose 7.5 per cent on-year to S$73 million, while net property income gained 5.3 per cent to S$98.7 million.
CMT says the improved performance was driven mainly by higher rental rates for new and renewed leases and lower operating expenses.
The trust’s overall portfolio has seen strong rental reversions in the quarter as the leasing market for retail space continues to show signs of strength.
It also expects higher returns on investment due to higher projected rental revenue and lower construction costs for its asset enhancement initiatives at Raffles City Singapore and JCube – the former Jurong Entertainment Centre.
On its acquisition of Clarke Quay on July 1st, CMT says it has already successfully renewed 13 out of 14 leases expiring this year with a 10.3 per cent increase over preceding rental rates.
Unitholders will receive their second quarter DPU of 2.29 cents on August 27.
Source : Channel NewsAsia – 22 Jul 2010
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