CapitaMall Trust Q4 distribution per unit drops 2.5%

Singapore-listed real estate investment trust, CapitaMall Trust (CMT) said its distribution per unit for the fourth quarter dipped by 2.5 per cent, to 2.30 Singapore cents.

For the full year, distribution per unit rose 1.4 per cent, to 9.37 Singapore cents.

At a results briefing, CMT said it has booked a net property income of S$418.2 million for its 2011 financial year.

That’s up by 4.8 per cent compared to the previous year.

CMT attributed the stronger earnings to contributions from Clarke Quay and Iluma, which were acquired in July 2010 and April 2011.

The Trust added that during the year, a total of 503 leases were renewed, with rental rates increasing 6.4 per cent on previous leases contracted in 2008.

Looking ahead, CMT said its prudent capital management will stand it in good stead to weather any global economic uncertainties.

It also expects asset enhancement works for Clarke Quay in the second quarter of 2012 and its upcoming Westgate development in Jurong to boost its earnings this year and in 2013.

Simon Ho, CEO, CapitaMall Trust Management Limited, said: “Our capital management and on this front, we’ve worked very hard over the last two years. We’ve raised eight bond issuances and also one equity fund raising. We’ve raised a total of S$2.5 billion. We’ve made sure from a capital management point, we’re steady and solid and we have enough funds to carry out all the projects upgrading, asset enhancement, works that we have in progress and on this front, I’m pretty confident that we’re well prepared.”

Source : Channel NewsAsia – 18 Jan 2012