CapitaMall Trust DPU for 4Q2018 is 2.99 Cents

CapitaMall Trust has announced their 4Q2018 financial results on 23rd January 2019. It was quite amazing CapitaMall Trust is still able to increase its distribution per unit (“DPU”) quarter on quarter. Distribution per unit (“DPU”) for 4Q2018 was 2.99 cents, 3.1% higher than the Distribution per unit (“DPU”) of 2.90 cents for 4Q2017. Based on CapitaMall Trust’s closing price of S$2.27 per unit on 22 January 2019, the annualised distribution yield for 4Q2018 was 5.22%.

According to the presentation slides that was released by CapitaMall Trust, most of the asset enhancement works that are ongoing last year has been completed.

Here are more details on the assets updates:

  • March – Completed the mall interior rejuvenation works of Raffles City Singapore
  • 18 June – Completed the sale of Sembawang Shopping Centre
  • October – Completed the rejuvenation works of Tampines Mall
  • 1 November – Completed the acquisition of balance 70.0% stake in Westgate (the “Acquisition”)
  • December – Completed the asset enhancement works of Westgate

100% of the assets used to be unencumbered as of 30th September 2018. As of 31st December 2018, only 89.8% of the assets are unencumbered due to Westgate. S$405.0 million secured bank loans by Infinity Mall Trust due in October 2019.

Overall portfolio occupancy stood at a healthy level of 99.2%.

4Q2018 Financial Results

4Q2018
(S$’000)
4Q2017
(S$’000)
Change
Gross Revenue 180,464 172,402 4.7%
Net Property Income 124,425 119,258 4.3%
Distributable Income 108,137 102,933 5.1%
Distribution Per Unit (“DPU”) (cents) 2.99 2.90 3.1%

FY2018 Results

DPU for FY2018 was 11.50 cents, 3.0% higher than FY2017.

FY2018
(S$’000)
FY2017
(S$’000)
Change
Gross Revenue 697,521 682,469 2.2%
Net Property Income 493,548 478,234 3.2%
Distributable Income 410,675 395,824 3.8%
Distribution Per Unit (“DPU”) (cents) 11.50 11.16 3.0%