CAPITALAND Mall Trust (CMT) is raising its second-quarter distribution per unit (DPU) by 3.9 per cent to 2.92 Singapore cents, from 2.81 cents a year ago, the trust manager said on Tuesday before the market opened. Read more at The Business Times.
CAPITALAND Mall Trust is raising its second-quarter distribution per unit by 3.9 per cent to 2.92 Singapore cents, from 2.81 cents a year ago, the trust manager said on Tuesday before the market opened.
For the three months ended June 30, net property income grew 10.2 per cent to S$133.2 million, from S$120.8 million a year ago. Gross revenue, meanwhile, was up 10.6 per cent to S$189.5 million, from S$171.4 million a year ago. The improvement in gross revenue was mainly due to the completion of CMT’s acquisition of the remaining 70 per cent interest in Westgate shopping mall on Nov 1, 2018 which contributed S$18.4 million in gross revenue, along with Funan mall’s reopening after a three-year redevelopment which contributed S$900,000.
The increase was partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested in June 2018, the manager said.The Reit’s aggregate leverage stood at 34.2 per cent, compared with 31.5 per cent a year ago. Its average cost of debt was 3.2 per cent, compared with 3.1 per cent a year ago.
For the first half of the year ended June 30, DPU was up 3.8 per cent to 5.8 Singapore cents, from 5.59 cents a year ago.Mr Tan added that CMT"remains cautious" in its outlook. He added:"Competition for the consumer wallet is expected to stay keen with the progressive opening of new malls, although the supply of new retail space is projected to taper off from 2020.
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