SINGAPORE (Oct 21): CapitaLand Mall Trust (CMT) has declared a DPU of 2.78 cents for the 3Q16 ended Sept, a fall of 6.7% from 2.98 cents a year ago.

Net property income (NPI) increased 5.5% to $119.5 million from a year ago but distributable income fell 4.7% to $98.4 million as distributable income for 3Q15 included the release of $8 million taxable income retained in the period 1Q15.

Excluding this release, the distributable income for 3Q16 would have been 3.3% higher than 3Q15.

Gross revenue came in 4.9% higher at $169.7 million, lifted by a contribution of $14.5 million from Bedok Mall which was acquired in Oct 2015, and higher rental revenue achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza after their asset enhancement initiatives; and higher occupancy at Clarke Quay.

Revenue however was partially offset by the absence of recurring income following the divestment of Rivervale Mall in December 2015 and lower gross revenue from Funan, as the mall closed for redevelopment from July 2016.

As at end Sept, CMT’s average cost of debt and aggregate leverage were 3.2% and 35.4% respectively.

Wilson Tan, CEO of manager CapitaLand Mall Trust Management Limited (CMTML), said, “Despite uncertainties in the macroeconomic environment and challenging retail conditions in Singapore, CMT’s portfolio occupancy rate as at 30 September 2016 remained high at 98.6%.”

In 3Q, CMT also broke ground for Funan, an integrated development comprising six storeys of retail, two office towers and one block of serviced residences that is coming up on the site of the former Funan DigitaLife Mall.

Units of CMT closed 1 cent lower at $2.11.

CapitaLand Mall Trust posts 6.7% fall in 3Q DPU lower of 2.78 cents

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CapitaLand Mall Trust posts 6.7% fall in 3Q DPU lower of 2.78 cents

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