CapitaLand Mall Trust maintains Q3 DPU at 2.78¢

Gross revenue dipped 0.2 per cent to $169.4 million, mainly due to lower rental achieved for Bedok Mall, Plaza Singapura (pictured) and Junction 8.
Gross revenue dipped 0.2 per cent to $169.4 million, mainly due to lower rental achieved for Bedok Mall, Plaza Singapura (pictured) and Junction 8.PHOTO: CAPITALAND

SINGAPORE - CapitaLand Mall Trust (CMT) has posted a distribution per unit (DPU) of 2.78 cents for the third quarter, unchanged from the same quarter a year ago.

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 the CMT's closing price of $2.04 per unit on Oct 20.

Distributable income for the three months ended 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.

Earnings per unit came in at 3.51 cents, higher than 2.94 cents previously. 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 that amid soft market conditions, shopper traffic for the first nine months of 2017 rose 0.2 per cent.

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.

The trust's average cost of debt was 3.2 per cent, and aggregate leverage was 34.7 per cent.

CMT units finished 0.5 per cent or one cent lower at $2.04 on Friday, before the results were out.