Blame the absence of contributions from Funan.
The temporary closure of Funan has taken its toll on CapitaLand Mall Trust's yields.
According to OCBC Investment Research, CMT's gross revenue were down 4.3% to $172m, whilst its net property income dipped 6.1% to $120.1m. Funan had contributed $5.6m to CMT’s NPI in 1Q16.
To recall, Funan was closed for redevelopment in July 2016.
Besides Funan, there were declines in NPI recorded at some of its other malls such as Tampines Mall, Plaza Singapura, Bedok Mall and The Atrium@Orchard.
However, DPU for the quarter came in flat YoY at 2.73 S cents. CMT had retained $5m of its taxable income available for distribution to unitholders for distribution in FY17, versus $12m retained in the 1Q16. Adding back the income retained, adjusted DPU would have fallen 6.4% YoY to 2.87 S cents.
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