CapitaLand Mall Trust net property income slips by 0.7% to $113.2m

On back of lower contributions from key properties.

Despite having a modest distribution per unit gain of 9.6%, the REIT’s NPI slipped by an inch due to a more quiet quarter for IMM, JCube and Clarke Quay. Gross revenue was also lower by 1.0% to $488.6m.

According to OCBC, the firm’s DPU was driven by a higher NPI margin, lower finance costs, improved distribution from its JVs and associate, and the release of S$8m of taxable income which was retained in 1Q15.

Meanwhile, despite the soft economic environment, shopper traffic and tenants’ sales per month increased by 4.2% and 4.4% respectively.

Wilson Tan, CEO of CMTML said portfolio occupancy also remained high at 96.8% despite ongoing asset enhancement initiatives and reconfiguration works at some malls.

“At Tampines Mall, we have successfully converted the mall’s Level 5 open roof to a new education hub with well-known educational centres such as Yamaha Music School, Julia Gabriel Centre, MindChamps and Stalford Learning Centre,” Tan said.