CapitaLand Commercial Trust posts 0.9% rise in Q4 DPU to 2.17 cents

Capital Tower's main lobby after a $35 million asset enhancement was completed in December 2015.
Capital Tower's main lobby after a $35 million asset enhancement was completed in December 2015.PHOTO: CAPITALAND COMMERCIAL TRUST

SINGAPORE - CapitaLand Commercial Trust (CCT) has posted a 0.9 per cent rise in estimated distribution per unit (DPU) of 2.17 Singapore cents for the fourth quarter ended Dec 31, from 2.15 cents for the year-ago period.

This came on the back of higher property income from its wholly owned properties and higher distributable income from Raffles City Singapore.

Distributable income for the quarter rose 0.8 per cent year-on-year to S$64.1 million, the trust manager said in a filing to the Singapore Exchange on Wednesday (Jan 20).

Net property income for the quarter rose 3.2 per cent to S$52.25 million.

For the full-year, the estimated DPU was up 1.9 per cent to 8.62 cents from the 8.46 cents a year ago, the trust manager said in a filing to the Singapore Exchange on Wednesday (Jan 20).

This was largely due to higher net property income from CCT's wholly owned properties and higher distributable income from Raffles City Singapore.

Based on CCT's closing price per unit of S$1.365 on Jan 19, CCT's distribution yield is 6.3 per cent.

As of Dec 31, CCT's portfolio of properties in Singapore consists of Capital Tower, Six Battery Road, One George Street, Raffles City Singapore (through its 60 per cent interest in RCS Trust), CapitaGreen (through itss 40 per cent interest in MSO Trust), HSBC Building, Bugis Village, Golden Shoe Car Park, Wilkie Edge and Twenty Anson. CCT owns a 17.7 per cent stake in MRCB-Quill Reit, a commercial Reit listed in Malaysia.