CMT keeps Q3 DPU steady at 2.78 cents

CapitaLand Mall Trust (CMT) has maintained a distribution per unit (DPU) of 2.78 cents for the third quarter - unchanged from the same period a year earlier.

This brings its annualised DPU down by 0.3 per cent to 11.03 cents, with an annualised distribution yield of 5.41 per cent, based on CMT's closing price of $2.04 per unit on Oct 20.

Distributable income for the three months to Sept 30 inched up just 0.3 per cent to $98.7 million.

Gross revenue dipped 0.2 per cent to $169.4 million, mainly due to lower rental achieved for Bedok Mall, Plaza Singapura and Junction 8, although net property income climbed 1.6 per cent to $121.4 million.

Property operating expenses eased 4.2 per cent to $48 million on the back of lower property tax and utilities expenses. Management fees rose 2.1 per cent to $11.4 million.

Earnings per unit came in at 3.51 cents, higher than 2.94 cents previously, while net asset value per unit was $1.95 as at Sept 30, up on the $1.89 as at Dec 31 last year.

Mr Tony Tan, chief executive of the manager, noted in a statement yesterday that amid soft market conditions, shopper traffic for the first nine months of the year rose 0.2 per cent.

  • AT A GLANCE

  • Distributable income: $98.7 million (+0.3%)

    Net property income: $121.4 million (+1.6%)

    Distribution per unit: 2.78 cents (Unchanged)

The trust's portfolio occupancy hit a high of 99 per cent as at Sept 30, compared with 98.6 per cent as at the end of last quarter. CMT's portfolio comprises 16 shopping malls in the suburban areas and downtown core of Singapore, including Tampines Mall, Junction 8, Funan (closed in July last year for redevelopment), Plaza Singapura and a 40 per cent stake in Raffles City Singapore.

Average cost of debt was 3.2 per cent as at Sept 30, and aggregate leverage was 34.7 per cent.

CMT units closed 0.5 per cent or one cent lower at $2.04 yesterday, before the results were out.

A version of this article appeared in the print edition of The Straits Times on October 21, 2017, with the headline 'CMT keeps Q3 DPU steady at 2.78 cents'. Print Edition | Subscribe