SINGAPORE - CapitaLand Mall Trust (CMT) has announced a 6.7 per cent drop in distribution per unit to 2.78 cents for the third quarter, down from 2.98 cents a year earlier.
Distributable income to unitholders for the three months ended Sept 30 slid 4.7 per cent to S$98.4 million. This included the release of S$8 million taxable income retained in the first quarter of 2015, said CMT's manager on Friday.
It added that excluding this release, distributable income would have been 3.3 per cent higher year on year.
Net property income grew 5.5 per cent to S$119.5 million, while gross revenue climbed 4.9 per cent to S$169.7 million, due mainly to a S$14.5 million contribution from Bedok Mall which was acquired on Oct 1, 2015.
It was also helped by higher rental for IMM Building, Tampines Mall and Bukit Panjang Plaza, and higher occupancy at Clarke Quay - though partially offset by lower gross revenue from Funan, which ceased operations for redevelopment, and the absence of recurring income from Rivervale Mall after it was divested in December 2015.
Earnings per unit during the quarter came in at 2.94 cents, slightly higher than 2.93 cents previously, while net asset value per unit as at Sept 30 was flat at S$1.89, compared with Dec 31 last year.
CMT units closed one cent or 0.5 per cent lower at S$2.11 on Friday, before the results were announced.