CMT’s 1Q 2015 distribution per unit increases 4.3% year-on-year
Singapore, 21 April 2015 – CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), is pleased to announce that CMT’s distribution per unit (DPU) of 2.68 cents for the period 1 January 2015 to 31 March 2015 (1Q 2015) was 4.3% higher than the 2.57 cents for the same period in 2014 (1Q 2014).
Distributable income for 1Q 2015 was S$92.9 million, a 4.2% increase over the distributable income of S$89.1 million for 1Q 2014.
Based on CMT’s closing price of S$2.250 per unit on 20 April 2015, the distribution yield is 4.83%. Unitholders can expect to receive their DPU for 1Q 2015 on 29 May 2015. The Books Closure Date is 29 April 2015.
Mr Wilson Tan, CEO of CMTML, said, “CMT started the year on a strong footing, registering year-on-year increases of 4.7% in shopper traffic and 2.5% in tenants’ sales. Portfolio occupancy as at 31 March 2015 remained resilient at 97.2%.”
“We constantly reinvent and rejuvenate our malls with a view to reap future benefits for our unitholders. We are pleased to update that Clarke Quay has completed its reconfiguration works at Block A. New-to-market brands include McGettigan’s, an authentic modern Irish pub from Ireland; Motorino, a popular pizza joint from New York; and Catch!, a new homegrown eatery offering fish and chips. In addition, the asset enhancement works for IMM Building, Bukit Panjang Plaza and Tampines Mall have made good progress and are on track to be completed as scheduled."
Summary of CMT’s results
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CMT’s gross revenue grew 1.6% year-on-year to S$167.3 million for 1Q 2015, mainly due to the completion of the second phase of the asset enhancement initiative at Bugis Junction in September 2014.
Net property income increased 3.0% year-on-year to S$117.7 million, compared to 1Q 2014. CMT’s portfolio registered a healthy occupancy rate of 97.2% as at 31 March 2015.
Proactive Capital Management
On 5 February 2015, CMT MTN Pte. Ltd., a wholly-owned subsidiary of CMT, issued fixed rate notes of HK$1.104 billion due 2027 under its S$2.5 billion Multicurrency Medium Term Note Programme (MTN Programme). The proceeds from these notes have been swapped to S$192.8 million at 3.25% per annum.
On 9 February 2015, CMT MTN Pte. Ltd. issued floating rate notes of ¥8.6 billion due 2023 under the same MTN programme. The proceeds from these notes have been swapped to S$100.0 million at fixed rate of 2.85% per annum.
As at 31 March 2015, CMT’s average cost of debt and aggregate leverage were 3.4% and 33.8% respectively.