CMMT’s 1Q 2013 annualised distribution per unit up 5.1% year-on-year
Distribution per unit of 2.18 sen for the quarter
Kuala Lumpur, 16 April 2013 – CapitaMalls Malaysia REIT Management Sdn. Bhd. (“CMRM”), the manager of CapitaMalls Malaysia Trust (“CMMT”), is pleased to announce that CMMT achieved a distribution per unit (“DPU”) of 2.18 sen for the quarter from 1 January 2013 to 31 March 2013 (“1Q 2013”), 4.3% higher than the DPU of 2.09 sen for the first quarter of 2012 (“1Q 2012”). The annualised DPU of 8.84 sen represents an increase of 5.1% over the same period last year1 and translates to an annualised distribution yield of 4.7% based on CMMT’s closing price of RM1.87 per unit on 15 April 2013.
As CMMT’s DPU is paid out twice a year, unitholders can expect to receive their DPU for 1Q 2013, along with their DPU for 2Q 2013, in August 2013.
For the quarter under review, CMMT achieved distributable income of RM38.5 million, 4.6% higher than the RM36.8 million for 1Q 2012. This was underpinned by net property income of RM51.5 million, an increase of 5.7% over the RM48.8 million for 1Q 2012.
Mr David Wong Chin Huat, Chairman of CMRM, said, “We continue to be positive about the long-term prospects of Malaysia’s retail sector. Malaysia’s economy grew 5.6% last year and is forecast to expand between 5.0% and 6.0%2 this year, buoyed by strong domestic demand underpinned by robust investment spending and consumption demand. The macroeconomic environment augurs well for retail sales, which are forecast to grow in tandem by 6.0%3 this year. As a dedicated retail real estate investment trust, CMMT is well-positioned to benefit from this growth trend.”
Ms Sharon Lim, CEO of CMRM, said, “CMMT’s portfolio of four quality malls in Penang, Kuala Lumpur, Selangor and Kuantan continued to perform well in the first quarter, with a nearly-full occupancy rate of 98.7% across the portfolio.”
“The asset enhancement initiatives at our malls are on track. Last month, East Coast Mall embarked on a refurbishment exercise to improve the trade mix and increase retail space by converting some of the car park bays on the third floor and re-configuring some existing areas. The exercise, costing an estimated RM60.0 million, is expected to be completed before the end of next year. We will continue to upgrade our malls to further enhance the shopping experience and help drive shopper traffic.”