SINGAPORE (April 20): The manager of CapitaLand Mall Trust has announced a distribution per unit (DPU) of 2.73 cents for the first quarter ended March 31, unchanged from a year ago.
Distributable income for the quarter rose 0.2% to $97 million from $96.7 million for the same period last year.
The trust saw a 4.3% decline in gross revenue to $172 million from $179.8 million in 1Q16, mainly due to the absence contributions from Funan, as the mall ceased operations for redevelopment from July 1 last year.
Net property income (NPI) resultantly fell 6.1% to $120.1 million, compared to $127.9 million a year ago.
As at March 31, CMT’s average cost of debt and aggregate leverage were 3.2% and 35.3% respectively.
According to Wilson Tan, CEO of the manager, the construction of Funan mall is progressing according to schedule, with piling works well underway.
“In response to the public’s excitement about the new integrated development, Funan will be unveiling its experiential showsuite at the end of this month. As the first retail showsuite in Singapore to be open to the public, it will allow our shoppers and partners to experience the dynamism of Funan’s new live-work-play paradigm even before its completion in 4Q 2019,” says Tan.
Commenting on CMT’s financial performance over the quarter, Tan highlights the trust’s stable financial returns, consistent performance of its underlying portfolio, and a portfolio occupancy that remained high at 97.7% as at March 31.
“Looking ahead, we will continue to carry out our three-pronged approach of active asset management (including asset enhancements), proactive capital management and operational excellence to maintain our lead in Singapore’s retail market,” he adds.
Units of CapitaLand Mall Trust closed 1 cent lower at $2.01 on Thursday.
