CapitaLand Retail China Trust NPI up 7.3% to $40.36m

Rents across its malls grew whilst operating expenses dipped.

CapitaLand Retail China Trust’s net property income (NPI) rose 7.3% to $40.36m in Q2 2019 from $37.63m in the same period in 2018, its financial statement revealed. CRCT’s gross revenue dipped 1.9% to $55.18m.

Higher NPI was attributed to stronger rental growth across CRCT’s core multi-tenanted malls and lower operating expenses.

CRCT CEO Tan Tze Wooi commented, “Our proactive asset management efforts continue to yield positive results, with 1H 2019 rental reversions averaging 7.5%. New leases signed include popular brands and refreshing concepts that resonated with shoppers and enhanced our malls’ appeal as social spaces for families and young shoppers.”

Shopper traffic and tenants’ sales both grew by 6.7% in 1H 2019. Portfolio occupancy as at 30 June 2019 hit 97%.

Meanwhile, distribution per unit (DPU) rose 2% to 2.54 cents.