CapitaLand Commercial Trust NPI up 2.1% to $158.2m in H1

The acquisition of Galileo has offset the impact of the Twenty Anson divestment on its revenues.

CapitaLand Commercial Trust (CCT) saw its net property income up 2.1% YoY in H1 to $158.2m from $154.9 in H1 2018.

Its distributable income rose 5.9% YoY to $165.2m from $160m in H1 2018, thanks to lower borrowings and higher distribution of tax-exempt income of $7.3m.

Gross revenue for the same period also edged up 3.2% YoY to $200.7m from $194.4m. Contribution from the acquisition of Gallileo on 18 June has offset the impact arising from the divestment of Twenty Anson on 29 August. Higher gross revenue from AST2, 21 Collyer Quay and Capital Tower have also countered the lower gross revenue from Bugis Village and Six Battery Road.

Property operating expenses for H1 were at $42.6m, representing a 7.8% climb due to rental charges payable to SLA for Bugis Village as well as higher marketing expenses.

Distribution per unit (DPU) went higher at $0.044 as compared to $0.043 in H1 2018.

Meanwhile, CCT’s distributable income in Q2 rose 3.8% YoY to $82.4m from $79.4m in Q2 2018.