CMT to pay Q1 distribution per unit of 2.57 cents, up 4.5% from last year

SINGAPORE - Retail mall landlord CapitaMall Trust (CMT) has reported a distribution per unit of 2.57 cents for the first three months of the year, 4.5 per cent higher than the same period last year.

CMT's distributable income also increased 4.5 per cent in the period to $89.1 million, said the trust's manager CapitaMall Trust Management on Wednesday.

Gross revenue for the trust rose 5.8 per cent in the first quarter to $164.7 million on the back of higher revenue after renovations at IMM and Bugis Junction, as well as increased rentals at other malls.

Net property income climbed 5.3 per cent to $114.3 million. CMT will pay distributions for the first quarter on May 30.

"We are pleased that CMT continued to deliver steady financial returns to our unitholders in the first quarter of 2014," said CapitaMall Trust Management chairman Danny Teoh.

Chief executive Wilson Tan added that CMT will embark on the next phase of asset enhancement works at IMM to increase the number of outlet stores, and reconfigure Level 2 of JCube in Jurong to add more than 50 retail units.