The increased stake in office tower CapitaGreen helped to boost the numbers at CapitaLand Commercial Trust (CCT) in the fourth quarter.

Distribution per unit (DPU) for the three months to Dec 31 was 2.39 cents, up 10.1 per cent over the same period a year earlier, CapitaLand Commercial Trust Management reported yesterday.

This brought DPU for the 2016 fiscal year to 9.08 cents, 5.3 per cent more than the 8.62 cents in 2015.

The higher contribution from CapitaGreen in Raffles Place came after the building became a wholly-owned property of the trust in a deal completed in August.

Distributable income rose 10.4 per cent to $70.81 million in the fourth quarter, while net property income jumped 35.4 per cent to $70.77 million.

Gross revenue was up 32.7 per cent to $89.73 million, boosted by contributions from CapitaGreen and higher turnover from Capital Tower in Robinson Road.

However, the increase was offset by lower turnover from most of the other assets in CCT's portfolio, which comprised 10 prime commercial properties as at Dec 31.

Apart from CapitaGreen and Capital Tower, its portfolio included Six Battery Road, One George Street, HSBC Building, Bugis Village, Golden Shoe Car Park, Wilkie Edge, Twenty Anson and a 60 per cent interest in Raffles City Singapore held through RCS Trust.

The trust manager said CCT's portfolio occupancy rate remained resilient at 97.1 per cent as at Dec 31, which is above market occupancy rate of 95.8 per cent.

CCT signed 733,000 sq ft in new and renewal leases in 2016 with most firms from the business consultancy, infocomm and media, telecommunications and financial services sectors.

Although above-market rents were committed in the fourth quarter, keeping this up will not be easy in a market with a large supply of space.

"This time round, we are seeing more negative rent reversions... We are still trying to achieve positive rent reversions, but the downward pressure is stiffer because of competition among landlords," Ms Lynette Leong, chief executive of the trust manager, said at a briefing yesterday.

About 80 per cent of CCT's borrowings are on fixed rates, which will provide some certainty on payments with rate hikes looming.

Quarterly earnings per unit was 2.48 cents, down from 3.29 cents in the previous year, while net asset value per unit came in at $1.78 as at Dec 31, marginally higher than the $1.77 at the end of 2015.

The trust manager said it is evaluating the redevelopment of the Golden Shoe Car Park in Raffles Place, which could help spark new growth catalyst for the trust. It is seeking approval on redevelopment plans and had notified tenants to move out by July 31.

The Wilkie Edge mixed-use development in the Selegie area was put on the market last month, with the expression of interest exercise due to close today.