CMMT’s 3Q 2013 distribution per unit up 6.1% year-on-year
Distribution per unit of 2.26 sen for 3Q 2013
Kuala Lumpur, 24 October 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 2.26 sen for the quarter ended 30 September 2013 (“3Q 2013”), 6.1% higher than the DPU of 2.13 sen for the same quarter last year (“3Q 2012”). The annualised DPU of 8.97 sen for 3Q 2013 represents an increase of 5.9% over the same period last year1, and translates to an annualised distribution yield of 5.8% based on CMMT’s closing price of RM1.54 per unit on 23 October 2013.
As CMMT’s DPU is paid out twice a year, unitholders can expect to receive their DPU for 3Q 2013, together with their DPU for the quarter ending 31 December 2013, by March 2014.
For 3Q 2013, CMMT achieved distributable income of RM40.0 million, 6.2% higher than the RM37.7 million for 3Q 2012. This was underpinned by net property income of RM51.8 million, which grew 5.7% from RM49.0 million for 3Q 2012.
Mr David Wong Chin Huat, Chairman of CMRM, said, “Malaysia’s 2013 growth forecast remains a respectable 4.5% to 5.0%2, despite being adjusted downward in August as a result of the weak external environment. Resilient domestic demand has been the anchor of Malaysia’s growth and should continue to be going forward. As a dedicated retail real estate investment trust, CMMT is well-positioned to benefit from this growth as our malls are primarily focused on necessity shopping.”
Ms Sharon Lim, CEO of CMRM, said, “Our portfolio of malls continued to deliver growth in the third quarter, registering a 5.7% increase in net property income year-on-year.”
“The asset enhancement initiatives at our malls are on track. These include storm water rectification works at The Mines, reconfiguration works on the fourth floor of Gurney Plaza, as well as the reconfiguration of existing areas and conversion of some car park bays on the third floor of East Coast Mall into retail space. In addition, shoppers can look forward to the completion of Sungei Wang Plaza’s refurbishment works by this year-end.”
Summary of CMMT’s results
Periods: 1 July to 30 September (“3Q”) and 1 January to 30 September (“YTD”)
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1As 2012 was a leap year, the DPU was annualised based on 366 days. 2Source: Bank Negara.