Singapore - AN IMPROVED tenant mix amid strong economic performance in China helped to raise CapitaRetail China Trust (CRCT) third-quarter earnings.
Distributable income for CRCT rose 14.1 per cent to $19.5 million for the third-quarter ended on Sep 30.
Distribution per unit (DPU) came in at 2.35 cents, 10.3 per cent higher than the same period a year ago.
Its annualised distribution yield for the third-quarter works out to 5.9 per cent, based on an annualised DPU of 9.32 cents and CRCT's closing price of $1.59 per unit on Friday.
Contributions from CapitaMall Grand Canyon, a Beijing mall acquired at the end of last year, boosted the reit's gross revenue to $51.4 million, up 30.2 per cent from a year ago.
A better tenant mix also helped to raise the net property income, which went up by 29.2 per cent to $32.3 million.
Mr Tony Tan, the chief executive of the Reit's manager, said in a statement: "The on-going reconfiguration at CapitaMall Grand Canyon, which enabled the introduction of fashion brands such as Ochirly and Charles & Keith, as well as popular food chains such as U-Ding and Royal Chicken, has also provided rental uplift."
Occupancy across the reit's portfolio of 10 malls in six cities stayed at a high rate of 97.6 per cent.
Rental reversions at its multi-tenanted malls came in at a high 22.6 per cent, while tenant sales rose 16.1 per cent and shopper traffic increased 3.8 per cent.
