CapitaMall Trust announces its 1Q2016 results on 15th April 2016. A higher Distribution Per Unit (DPU) of 2.73 cents was announced for 1Q 2016 which is 1.9% increase as compared to 2.68 cents in 1Q 2015.
Gross revenue is 7.4% higher due to the contribution of S$14.6 million from the acquisition of Bedok Mall on 1 October 2015.
Net property income is 8.6% higher as compared to 1Q 2015.
Based on the closing price of S$2.17 on 15th April 2016, the annualised DPU is 5.06%.
| 1Q2016 (S$’000) | 1Q2015 (S$ ‘000) | YoY(%) | |
| Gross Revenue | 179,801 | 167,353 | 7.4 |
| Net Property Income | 127,860 | 117,691 | 8.6 |
| Distributable Amount | 96,747 | 92,864 | 4.2 |
| Distribution Per Unit (“DPU”) (cents) | 2.73 | 2.68 | 1.9 |
| Annualised DPU (cents) | 10.98 | 10.87 | 1.0 |
Occupancy
Portfolio occupancy as at 31 March 2016 remained high at 97.7%.
Mr Wilson Tan, CEO of CMTML, said, “Despite the challenging macro environment, CMT registered year-on-year growth of 4.9% in shopper traffic and 4.6% in tenants’ sales in the first quarter of the year.
Things to Note
- Redevelopment of Funan DigitaLife Mall
- Asset enhancement initiatives for Plaza Singapura, Bukit Panjang Plaza and Tampines Mall
I am a little concerned that JCube is still underperforming.
Management seems to be taking a long time in turning JCube around.