CapitaMall Trust sees Q1 DPU rise 4.3% to 2.68 cents

SINGAPORE - Mainboard-listed CapitaMall Trust (CMT) said on Tuesday that its distribution per unit (DPU) for the first quarter ended March 31, 2015, rose 4.3 per cent to 2.68 cents from 2.57 cents a year ago.

The retail mall Reit said revenue increased 1.6 per cent to $167.4 million while net property income was up 3 per cent at $117.7 million.

Distributable income for 1Q 2015 was $92.9 million, a 4.2 per cent increase over $89.1 million a year ago.

Net asset value rose to $1.83 at March 31 from $1.81 at Dec 31, 2014.

Based on CMT's closing price of $2.25 per unit on Monday, the distribution yield is 4.83 per cent.

Said Mr Wilson Tan, CEO of the Reit manager: "CMT started the year on a strong footing, registering year-on-year increases of 4.7 per cent in shopper traffic and 2.5 per cent in tenants' sales. Portfolio occupancy as at March 31, 2015, remained resilient at 97.2 per cent.

"We are pleased to update that Clarke Quay has completed its reconfiguration works at Block A. New-to-market brands include McGettigan's, an authentic modern Irish pub from Ireland; Motorino, a popular pizza joint from New York; and Catch!, a new homegrown eatery offering fish and chips.

"In addition, the asset enhancement works for IMM Building, Bukit Panjang Plaza and Tampines Mall have made good progress and are on track to be completed as scheduled."