CapitaLand Mall Trust NPI up 17.6% to $144.2m in Q3

Income was boosted by contributions from Funan and Westgate.

CapitaLand Mall Trust’s (CMT) net property income (NPI) jumped 17.6% YoY to $144.2m in Q3 2019, the company announced. Distributable income grew 9.1% to $113.0m over the same period, translating to a 4.8% climb in distribution per unit (DPU) to 3.06 cents.

Its gross revenue also expanded 17.9% YoY.

According to Tony Tan, CEO of CMT’s manager, the growth in NPI was boosted by the first full quarter contribution of Funan of $12.5m and the 100% contribution of Westgate at $18.8m. However, the gross revenue was partially offset by lower income from Lot One Shoppers’ Mall, mainly due to rejuvenation works.

In YTD Sep 2019, distributable income rose 8.1% YoY to $327.0m. DPU likewise grew 4.1% to 8.86 cents.

Based on CMT’s closing price of S$2.650 per unit on 21 October, the annualised distribution yield for Q3 was 4.58%.

As at 30 September, the firm’s average cost of debt was 3.2% and aggregate leverage was 34.4%.