CapitaRetail China Trust's distributable income up 2.1% to $17.1m
Thanks to stronger tenants sales, rental reversions.
In a release, CapitaRetail China Trust Management Limited announced today an increase of 2.1% in distributable income to S$17.1 million for the period from 1 July 2013 to 30 September 2013 (3Q 2013), compared to S$16.7 million over the same period last year (3Q 2012).
This was mainly due to higher revenue growth contributed by better tenants’ sales and higher rental reversions at CapitaMall Xizhimen, CapitaMall Wangjing and CapitaMall Saihan, that offset the absence of contributions from CapitaMall Minzhongleyuan which is currently undergoing asset enhancement works.
Distribution per unit (DPU) for 3Q 2013 was 2.26 cents. Based on an annualised DPU of 8.97 cents and CRCT’s closing price of S$1.395 per unit on 22 October 2013, the annualised distribution yield is 6.4%.
Mr Victor Liew, Chairman of CRCTML, said, “China’s economic growth remains resilient. The China central bank recently expressed confidence that the country’s economy should exceed the target growth rate of 7.5% this year. In the third quarter of this year, China’s economy expanded 7.8% year-on-year.
With total retail sales having grown 12.9% to RMB16.9 trillion in the first nine months of this year, we remain upbeat about the market outlook for China’s retail sector.”