CMMT’s FY 2012 distribution per unit rises 7.2% year-on-year
Distribution per unit of 8.44 sen for the year
Kuala Lumpur, 22 January 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 8.44 sen for the financial year from 1 January to 31 December 2012 (“FY 2012”). This is 7.2% higher than the DPU of 7.87 sen for financial year 2011 (“FY 2011”).
For FY 2012, CMMT posted net property income (“NPI”) of RM196.0 million, 20.7% higher than the RM162.4 million for FY 2011. Total distributable income was RM149.1 million, 26.1% higher than the RM118.3 million for FY 2011.
The better performance in FY 2012 was mainly due to the full-year contribution of the assets CMMT acquired in FY 2011, namely Gurney Plaza Extension and East Coast Mall, as well as the successful completion of the asset enhancement works at Gurney Plaza. The performance also received a boost from the higher gross rental income on the back of higher rental rates achieved from new and renewed leases.
For its fourth quarter results from 1 October to 31 December 2012 (“4Q 2012”), CMMT achieved DPU of 2.11 sen, an increase of 6.0% over the DPU of 1.99 sen for the fourth quarter of 2011 (“4Q 2011”).
For the quarter, CMMT recorded distributable income of RM37.3 million, a 13.7% increase over the RM32.8 million posted for 4Q 2011. This was supported by NPI of RM49.5 million, which grew 13.0% from RM43.8 million for 4Q 2011. The better performance was mainly attributed to the full-quarter contribution from East Coast Mall, and the completion of the asset enhancement works at Gurney Plaza.
Unitholders can expect to receive the total DPU of 4.24 sen per unit for the period from 1 July 2012 to 31 December 2012 on 6 March 2013. The total DPU of 8.44 sen for FY 2012 translates to an annualised distribution yield of 4.4% based on CMMT’s closing price of RM1.92 per unit on 21 January 2013. The book closure date is 8 February 2013.
Mr David Wong Chin Huat, Chairman of CMRM, said, “CMMT turned in a strong set of results in 2012 by reaping the full contributions of our asset acquisitions in 2011 and our proactive asset enhancement initiatives. The positive private investment and consumer sentiments in Malaysia, which the government estimates have buoyed the country’s GDP to grow between 4.5% and 5.0% in 2012, have also played a part in our success.”
“Looking ahead, CMMT will continue to benefit from Malaysia’s steady growth momentum. The global economy is starting to show signs of recovery, led by China. In line with this, the Malaysia government expects the economy to expand by between 4.5% and 5.5% in 2013, and retail sales are forecast to grow by an estimated 6.0%1. Such growth bodes well for a dedicated retail REIT such as CMMT.”
Ms Sharon Lim, CEO of CMRM, said, “Our occupancy rate remained high at 98.5% as at endDecember 2012, while rentals across CMMT’s portfolio increased by a healthy 6.4%.”
“In addition to the works carried out in 2011 that added an estimated 25,000 square feet of net lettable area, Gurney Plaza completed an interior refurbishment programme in 2012 and added about 4,500 square feet of net lettable area to the ground floor and basement. We also embarked on upgrading of our other malls – The Mines, East Coast Mall and Sungei Wang Plaza – to improve the shopping experience, ensure that we remain relevant and competitive, and help drive tenant sales at our malls. We will continue to focus on asset enhancement initiatives as one of our key growth engines, as we seek to further enhance unitholder value.”