CapitaMall Trust DPU Rises for 1Q2016

CapitaMall Trust Logo

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

CapitaMall Trust DPU Rises for 4Q2015

CapitaMall Trust Logo

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.

CapitaMall Trust Attractive 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!

CapitaMall Debt Maturity 4Q2015

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.

CapitaMall Portfolio 2015

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).