CapitaRetail China Trust's Q3 DPU up 10.3% to 2.35 cents

Singapore - AN IMPROVED tenant mix amid strong economic performance in China helped to raise CapitaRetail China Trust (CRCT) third-quarter earnings.

Distributable income for CRCT rose 14.1 per cent to $19.5 million for the third-quarter ended on Sep 30.

Distribution per unit (DPU) came in at 2.35 cents, 10.3 per cent higher than the same period a year ago.

Its annualised distribution yield for the third-quarter works out to 5.9 per cent, based on an annualised DPU of 9.32 cents and CRCT's closing price of $1.59 per unit on Friday.

Contributions from CapitaMall Grand Canyon, a Beijing mall acquired at the end of last year, boosted the reit's gross revenue to $51.4 million, up 30.2 per cent from a year ago.

A better tenant mix also helped to raise the net property income, which went up by 29.2 per cent to $32.3 million.

Mr Tony Tan, the chief executive of the Reit's manager, said in a statement: "The on-going reconfiguration at CapitaMall Grand Canyon, which enabled the introduction of fashion brands such as Ochirly and Charles & Keith, as well as popular food chains such as U-Ding and Royal Chicken, has also provided rental uplift."

Occupancy across the reit's portfolio of 10 malls in six cities stayed at a high rate of 97.6 per cent.

Rental reversions at its multi-tenanted malls came in at a high 22.6 per cent, while tenant sales rose 16.1 per cent and shopper traffic increased 3.8 per cent.

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.