Shareholders popping the champagne on higher CapitaCommercial Trust income

Its DPU is 5.3% higher in Q2.

CapitaCommercial Trust is reaping the benefits of the office space crunch. The company revealed yesterday that its distribution per unit (DPU) for 2Q14 is 2.181 cents, a 5.3% increase compared to its 2Q13 DPU of 2.07 cents.

Based on CCT’s closing price per unit of S$1.665 on 17 July 2014, CCT’s distribution yield is 5.1%

CCT also noted that its 2Q 2014 distributable income of S$64.1 million is 7.6% higher than the S$59.6 million
achieved in 2Q 2013 due to higher revenue, lower interest expenses and release of retained tax-exempt income distribution.

“The S$2.35 million of retained tax-exempt income released offsets the dilution in DPU caused by the conversion of the convertible bonds due in 2015 to CCT units in 1H 2014. Gross revenue in 2Q 2014 increased by 3.2% to S$65.8million from S$63.8 million in 2Q 2013,” the company noted.

Here’s more from CCT:

The estimated DPU for the financial period 1 January 2014 to 30 June 2014 (1H 2014) is 4.22 cents, which is 5.2% above the 4.01 cents reported for the same period last year.

The Trust pays out its distributable income semi-annually in February and August. With the books closure date for 1H 2014 being Tuesday, 29 July 2014, payment is expected to be made on Tuesday, 26 August 2014.

The value of CCT's Singapore properties, excluding its joint-venture interests in Raffles City Singapore and CapitaGreen, is S$4,837.9 million in total as at 30 June 2014. This represents an upward valuation of S$68.9 million or approximately 1.4% from the aggregate value of S$4,769.0 million as at 31 December 2013 for the same properties.

Including CCT’s 60.0% interest in Raffles City Singapore, 40.0% interest in CapitaGreen and other assets, CCT’s deposited properties are worth S$7.3 billion as at 30 June 2014, an increase of 1.8% from 31 December 2013. The adjusted net asset value per unit is S$1.67 excluding 1H 2014 distributable income to unitholders.

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