CapitaLand Mall Trust (CMT) on Friday reports distribution per unit (DPU) rose 1.1% to 2.74 cents compared to 2.71 cents in the same period last year.
2Q16 distributable income increased 3.3% to $97.1 million, on the back of higher gross revenue and net property income (NPI), which grew 7.1% and 6.0% respectively.
In an SGX filing before trading opened on Friday, CMT said this was mainly due to a contribution of $14.5 million to gross revenue from Bedok Mall which was acquired on 1 October 2015, and higher rental revenue achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza after their asset enhancement initiatives.
Gains were partially offset by the absence of recurring income following the divestment of Rivervale Mall in December 2015, and lower gross revenue from Funan DigitaLife Mall as the mall wound down its operations for redevelopment.
For the first half of 2016, DPU grew 1.5% to 5.47 cents while distributable income rose 3.7% to $193.9 million.
“Despite a soft retail market, CMT continued to produce steady operational results in the first half of 2016,” says Wilson Tan, CEO of CMT’s manager, CapitaLand Mall Trust Management Limited.
“Backed by our portfolio of well-located shopping malls and extensive network of retailers, CMT registered year-on-year increases of 3.6% and 2.3% in shopper traffic and tenants’ sales per square foot respectively. As at 30 June 2016, portfolio occupancy remained high at 97.9%.” Tan adds.
Looking ahead, Tan says Funan DigitaLife Mall, which closed from 1 July 2016, will embark on three years of redevelopment works to enhance its attractiveness as a lifestyle destination in the revitalised Civic and Cultural District.
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2Q16 distributable income increased 3.3% to $97.1 million, on the back of higher gross revenue and net property income (NPI), which grew 7.1% and 6.0% respectively.
In an SGX filing before trading opened on Friday, CMT said this was mainly due to a contribution of $14.5 million to gross revenue from Bedok Mall which was acquired on 1 October 2015, and higher rental revenue achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza after their asset enhancement initiatives.
Gains were partially offset by the absence of recurring income following the divestment of Rivervale Mall in December 2015, and lower gross revenue from Funan DigitaLife Mall as the mall wound down its operations for redevelopment.
For the first half of 2016, DPU grew 1.5% to 5.47 cents while distributable income rose 3.7% to $193.9 million.
“Despite a soft retail market, CMT continued to produce steady operational results in the first half of 2016,” says Wilson Tan, CEO of CMT’s manager, CapitaLand Mall Trust Management Limited.
“Backed by our portfolio of well-located shopping malls and extensive network of retailers, CMT registered year-on-year increases of 3.6% and 2.3% in shopper traffic and tenants’ sales per square foot respectively. As at 30 June 2016, portfolio occupancy remained high at 97.9%.” Tan adds.
Looking ahead, Tan says Funan DigitaLife Mall, which closed from 1 July 2016, will embark on three years of redevelopment works to enhance its attractiveness as a lifestyle destination in the revitalised Civic and Cultural District.
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