Better occupancy levels and more turnover from parking spaces lifted CapitaLand Mall Trust (CMT) in the first quarter, it reported yesterday.
The firm posted distribution per unit (DPU) of 2.78 cents, up 1.8 per cent from the same period last year.
Gross revenue in the three months to March 31 was $175.2 million, up 1.8 per cent.
This was largely due to higher occupancy at IMM Building, The Atrium@Orchard and Plaza Singapura, as well as more carpark income.
Net property income rose 4.7 per cent to $125.7 million.
CMT malls recorded a 2.1 per cent fall in shopper traffic in the first quarter from the same period a year earlier, while tenant sales per square foot dipped 0.2 per cent.
Portfolio occupancy was 98.9 per cent as of March 31.
AT A GLANCE
$175.2 million (+1.8%)
Net property income
$125.7 million (+4.7%)
Distribution per unit
2.78 cents (+1.8%)
Earnings per unit were 3.11 cents, up from 2.92 cents last year, while net asset value per unit was $1.96 as of March 31, compared with $1.95 as of Dec 31.
Mr Tony Tan, chief executive of the reit manager, said: "During the quarter, Raffles City Singapore completed enhancement works for the interior of its mall, including the lift lobbies, as part of ongoing efforts to uplift the overall shopping experience.
"The revamped Level 3 Atrium, which reopened with a new garden-themed cafe, has been well received by the public."
CMT has also started its latest phase of refurbishment at Tampines Mall to create a new food and beverage duplex and refresh the walkway. This work is slated to be completed by the fourth quarter.
The reit said on Thursday that it was divesting Sembawang Shopping Centre for $248 million.
CMT units closed down two cents to $2.10 yesterday before the results were released.
At a price of $2.10 per unit, the annualised distribution yield for the first quarter was 5.37 per cent, CMT said.