CapitaLand Integrated Commercial Trust Q4 DPU falls 15.4%

Gross revenue was up 36 per cent to $276 million for the quarter.
Gross revenue was up 36 per cent to $276 million for the quarter.PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - CapitaLand Integrated Commercial Trust (CICT) on Thursday posted a distribution per unit (DPU) of 2.63 Singapore cents for its fourth quarter ended Dec 31, down from 3.11 cents a year ago.

Of this amount, a clean-up distribution of 0.89 cent for the period from Oct 1 to 20 was paid to CapitaLand Mall Trust's (CMT) unitholders on Nov 19. As such, the remaining DPU of 1.74 cents for the period Oct 21 to Dec 31 will be paid out on March 9, following book closure on Jan 29.

This comes after the completion of the merger between CMT and CapitaLand Commercial Trust (CCT) on Oct 21, whereby units of CCT were acquired by CICT via a trust scheme of arrangement.

Gross revenue was up 36 per cent to $276 million for the quarter, from $203 million a year ago, mainly due to the merger, the manager of the trust said in a regulatory filing.

Excluding the effect of the merger, gross revenue was $28.3 million lower than for Q4 2019, mainly due to lower gross rental income arising from rental waivers granted by the landlord to tenants, as well as lower occupancy and rental rates contracted on new and renewed leases.

Net property income (NPI) grew 36.4 per cent on the year to $191 million for the quarter, from $140 million.

Total income available for distribution rose 24.2 per cent year on year to $132 million, from $106 million.

For the full year ended Dec 31, DPU was lower at 8.69 cents, versus 11.97 cents a year ago, while distributable income fell 16.3 per cent to $369 million. Gross revenue was 5.3 per cent lower at $745 million, while NPI eased 8.1 per cent to $512 million for the full year.