SINGAPORE - CapitaLand Mall Trust (CMT) on Friday (July 21) announced a 0.4 per cent year-on-year rise in distribution per unit (DPU) to 2.75 Singapore cents for the second quarter ended June 30.
Net property income increased 1.2 per cent to S$117.6 million from the same period a year ago, while distributable income edged up 0.1 per cent to S$97.2 million.
This was despite a 1.3 per cent drop in gross revenue to S$168.6 million, mainly due to Funan Mall, which was closed for redevelopment from July 1, 2016.
For the first half-year, CMT's DPU was up 0.2 per cent to 5.48 cents. Revenue declined 2.9 per cent year-on-year to S$340.7 million, with net property income down 2.6 per cent to S$237.6 million.
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Based on CMT's closing price of S$2 per unit on July 20, the annualised distribution yield for the second quarter was 5.52 per cent.
Mr Tony Tan, CEO of the manager of Singapore's biggest retail Reit, said, "Notwithstanding the challenges in Singapore's retail sector, CMT has produced yet another steady set of results for the quarter under review.
"Although Funan is currently closed for redevelopment, CMT continues to deliver sustainable distribution per unit to unit holders. Portfolio occupancy as at 30 June 2017 was a high 98.6 per cent, outperforming the average market occupancy level."
He added that "with more than two years to go before its target opening in the fourth quarter of 2019, Funan's retail component is already 30 per cent committed as at end June".