CapitaLand Retail China Trust Q1 NPI down 7.7% to $37.18m

It lost income from CapitaMall Anzhen, which it sold 1 July 2017.

CapitaLand Retail China Trust’s (CRCT) net property income (NPI) in Q1 slipped by 7.7% YoY from $40.3m to $37.18m. Distributable income, however, rose 9.6% YoY to $26.7m, whilst distribution per unit (DPU) edged up 0.4% to 2.75 cents.

According to its financial statement, gross rental income fell 6.4% YoY to $52.83m whilst gross revenue slid down 7.9% YoY to $55.37m.

CRCT said it lost the contribution from CapitaMall Anzhen which was sold on 1 July 2017. Meanwhile, lower revenue at CapitaMall Grand Canyon was due to restriction to some trading activities at the atrium and has been mitigated by the savings in operating expenses.

Meanwhile, CapitaMall Minzhongleyuan was affected by lower occupancy as a result of ongoing tenant mix adjustments.

CRCT noted that across China’s major cities, upcoming retail supply in 2018 is expected to decline 16% YoY, and the decrease is expected to continue to at least 2020.

“Beijing, Shanghai, Guangzhou, Chengdu and Wuhan – where CRCT’s properties are largely located – will continue to face new supply albeit backed by strong demand, particularly from domestic brands which are heavily invested in tier 1 and 2 cities where the retail landscape remains fundamentally strong,” it said.

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