Here's how CapitaMall Trust fared in 2012

446 leases were renewed.

According to OCBC, CapitaMall Trust turned in a sturdy set of 4Q12 results last Friday. NPI grew by 14.3% YoY to S$112.9m, driven by higher contributions from JCube and Bugis+, and higher rentals from its new and existing leases.

Here's more from OCBC:

DPU saw a 2.6% growth to 2.36 S cents, and was achieved despite the fact that S$15.3m capital distribution received from CapitaRetail China Trust was retained for corporate and working capital purposes.

This brings the FY12 DPU to 9.46 S cents (+1.0%), slightly ahead of our full-year DPU projection of 9.16 S cents.

Over the year, a total of 446 leases were renewed at an average positive rental reversion of 6.0% (FY11: 6.4%). CMT also completed three major asset enhancement initiatives or AEIs (JCube, Bugis+ and The Atrium@Orchard) in 2012 and saw strong committed occupancy rates of between 95.3-99.6% post refurbishment.

In early Jan, CMT fully concluded the AEI at Clarke Quay and leased out all the space. All these leasing efforts helped to keep the portfolio occupancy stable at 98.2% (3Q: 98.4%) and cushion the temporary decline in occupancy at IMM Building (currently undergoing repositioning) and Plaza Singapura (Carrefour’s exit).

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