CapitaMall Trust's net property income up 5.3% to $114.3m

DPU also inched 4.5% higher.

CapitaMall Trust (CMT) released its 1Q14 results this morning. NPI grew 5.3% YoY to S$114.3m, while distributable income increased 4.5% to S$89.1m. DPU for the quarter came in at 2.57 S cents, 4.5% higher than that achieved in 1Q13.

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This met 23.4% of both ours and consensus full-year DPU projections. The better performance was driven mainly by higher occupancy at Plaza Singapura and Atrium@Orchard, and completion of Phase 1 asset enhancement initiative (AEI) at IMM Building. 

Looking ahead, CMT will continue to focus on executing its AEIs at Bugis Junction and Tampines Mall. In addition, it will also embark on Phase 2 AEI at IMM Building and reconfigure Level 2 of JCube to enhance the shoppers’ experience.