DPU grew 3% to $0.115.
CapitaLand Mall Trust (CMT) recorded a 3.20% YoY increase in its net property income to $493.55m in 2018 from $478.23m in 2017, an announcement revealed. Its distributable income to unitholders also grew 3.75% YoY to $410.68 whilst distribution per unit (DPU) increased 3% to $0.115 from $0.1116.
For Q4 2018, CMT’s NPI grew 4.33% YoY to $124.43m from $119.26m in Q4 2017. Distributable income to unitholders inched up 5.06% YoY to $108.14m from $102.93m whilst DPU rose 3.1% to $0.299.
CMTML CEO Tony Tan noted that the they divested Sembawang Shopping Centre and redeployed the proceeds into acquiring the remaining interest in Westgate – a higher-yielding quality asset.
Also read: Is the worst over for CapitaLand Mall Trust?
The firm also noted that they saw a revenue increase of 4.7% YoY to 180.46m in Q4 2018, due to the completion of the acquisition of the remaining 70% interest in Westgate back in November.
“In addition, higher gross rental income from IMM Building and Bedok Mall contributed to the increase in gross revenue,” they explained.
Tan noted that CMT’s portfolio occupancy hit 99.2% as of end 2018. Meanwhile, Funan which is set to open in 2019 has reached a leasing of more than 80%.
“Cognisant of the challenges ahead – which include slowdown in the global and Singapore economies, uncertainty in the interest rate environment and competition from the completionof new shopping malls – we remain vigilant and will continually explore new ways to differentiate our malls from the competition and increase customer engagement,” CMTML chairman Richard R. Magnus commented.
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