CapitaMall Trust's distribution per unit rises 15.3% in 4Q 2013

CapitaMall Trust (CMT) has posted a 15.3 per cent rise in its distribution per unit for the fourth quarter of last year, the real estate investment trust's (Reit) manager said on Wednesday.

CMT will pay a distribution of 2.72 cents per unit, bringing its total payout for the year to 10.27 cents per unit - 8.6 per cent higher than in 2012.

This will result in a distribution yield of 5.74 per cent, based on CMT's closing price of $1.88 per unit on Tuesday, CMT Management said. Unitholders will receive their distributions on Feb 28.

CMT's distributable income rose to $94.4 million in the three months to Dec 31 last year, 18.3 per cent higher than in the same period a year ago.

Gross revenue for the Reit climbed 6.9 per cent in the same period to $185.7 million, while net property income increased 11.1 per cent to $125.5 million.

"Growing household income and low unemployment in Singapore are expected to continue to underpin retail spending," said Mr Danny Teoh, chairman of CMT Management, in a statement on Wednesday.

"We believe CMT will benefit from this as our malls are strategically located to conveniently serve the large population catchment areas and cater predominantly to necessity shopping."

CMT's shopper traffic grew 3.1 per cent last year over the year before and its tenants' sales per sq ft rose 2.5 per cent, said Mr Wilson Tan, chief executive of CMT Management.

He added that CMT will embark on asset enhancement works for Tampines Mall and Phase 2 of Bugis Junction this year.

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