CapitaMall Trust DPU Rises for 4Q2015

This post came a bit late as I place my priorities reviewing other REITs. I have been holding on to CapitaMall Trust for 5 years and I have less worries about its performance. Its strategic location of its assets (near to MRT stations) gave me the confidence about CapitaMall Trust.

CapitaMall Trust announces its results on 22nd January 2016. A higher Distribution Per Unit (DPU) of 2.88 cents was announced for Q42015 which is 0.7% increase as compared to 2.86 cents in Q4FY14. Based on CapitaMall Trust closing price of S$1.960 per unit on 21 January 2016, the distribution yield is 5.83%.

Net Property Income is up 18.6% as compared to 4Q2014.

	4Q2015 (S$’000)	4Q2014 (S$ ‘000)	YoY(%)
Gross Revenue	180,380	165,202	9.2
Net Property Income	125,697	105,954	18.6
Distributable Amount	101,894	99,112	2.8
Distribution Per Unit (“DPU”) (cents)	2.88	2.86	0.7
Annualised DPU (cents)	11.43	11.35	0.7

It is quite interesting to see CapitaMall Trust compares against other forms of investment.

Debt Maturity Profile

100% of CapitaMall Trust assets are unencumbered. The chart below shows the debt maturity profile for different type of instruments that CapitaMall is involved in with regards to debt. It is complicated!

Portfolio

CapitaMall Trust has a large portfolio of shopping malls. If you notice, all of the shopping malls that CapitaMall Trust owns are near or walking distance from MRT stations. This boosts shoppers traffic to the malls.

Asset Enhancement Initiatives

Clark Quay

More than 90% of reconfigured space committed in Block C. Tenants include Ramen Keisuke Lobster King, Maziga Cafe & Bollywood Club, DV8 Club, Warehouse and Zouk, Prive Clarke Quay.

IMM Building

Completed phase 2 of Asset Enhancement Initiatives.

Funan DigitaLife Mall

We know that Funan DigitaLife Mall is closing for redevelopment. (Read more Funan DigitaLife Mall Closing for Redevelopment).