CapitaRetail China Trust sees 12.7% rise in Q4 DPU to 2.48 cents

SINGAPORE - Mainboard-listed CapitaRetail China Trust (CRCT) announced on Thursday (Jan 29) a 12.7 per cent increase in distribution per unit (DPU) for the fourth quarter to 2.48 cents from 2.20 cents for the year-ago period.

This brings CRCT's DPU for the full year to 9.84 cents, a 12.7 per cent rise from 8.73 cents for 2013.

CRCT's distributable income of $20.5 million for the three months to December 31, 2014, was 15.6 per cent higher than the $17.7 million for the same period in 2013.

Distributable income for FY 2014 was $80.9 million, a 15.4 per cent increase from $70.1 million for FY 2013.

Based on an annualised DPU of 9.84 cents and CRCT's closing price of $1.725 per unit on January 28, 2015, the annualised distribution yield for the fourth quarter was 5.7 per cent.

CRCT is the first and only China shopping mall Real Estate Investment Trust (Reit) in Singapore, with a portfolio of 10 income-producing shopping malls. Ot is managed by CapitaRetail China Trust Management Limited (CRCTML), which is an indirect wholly-owned subsidiary of CapitaLand.

Said Mr Victor Liew, chairman of CRCTML: "Moving forward, with the government's focus on driving domestic consumption and maintaining long term stability, CRCT remains upbeat about China's retail growth prospects."

Said Mr Tony Tan, CEO of CRCTML: "For the quarter under review, our portfolio of malls registered 30.1 per cent growth in net property income (NPI), underpinned by the new contribution from CapitaMall Grand Canyon and rental growth from the other multi-tenanted malls. Rental reversion was a robust 20.6 per cent, and portfolio occupancy as at December 31, 2014, was a healthy 95.9 per cent. Tenants' sales and shopper traffic for 2014 increased year-on year by 16.2 per cent and 3.9 per cent respectively."

"With the financial flexibility provided by our robust balance sheet, we continue to be on the lookout for acquisition opportunities to grow our portfolio further."

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