CapitaMall Trust’s Q3 distributable income up 23% to S$74.9m

CapitaMall Trust (CMT) said on Thursday that its distribution per unit (DPU) for the third quarter stood at 2.354 cents.

This is a 23 per cent improvement over the 1.91 cents DPU, for the same period last year after adjusting for a rights issue.

Moreover, its distributable income for the third quarter was S$74.9 million – a 23.3 per cent on-year improvement. Its net property income also rose 8.8 per cent to S$94.52 million.

CMT said the better performance came on the back of higher lease and rental renewal rates. It also said that its acquisition of “The Atrium@Orchard” and the completion of asset enhancement initiatives at Sembawang Shopping Centre boosted its revenue.

Looking ahead, it noted that the economic activity will probably remain below pre-crisis levels in the near term, even though a modest recovery is underway.

However, the company expects its large and diversified tenant base to provide a firm support for occupancy rates and rental revenue at its shopping malls.

For the next two quarters, CMT said retail sales are expected to be supported by festive spending.

Earlier this year, CMT launched a rights issue to raise S$1.23 billion.

Source : Channel NewsAsia – 22 Oct 2009

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