CMMT records stable distribution per unit of 2.26 sen for 4Q 2014 Total distribution per unit of 8.91 sen for FY 2014
CMMT records stable distribution per unit of 2.26 sen for 4Q 2014
Total distribution per unit of 8.91 sen for FY 2014
Kuala Lumpur, 20 January 2015 – CapitaMalls Malaysia REIT Management Sdn. Bhd. (“CMRM”), the manager of CapitaMalls Malaysia Trust (“CMMT”), announced today that CMMT achieved a distribution per unit (“DPU”) of 2.26 sen for the quarter ended 31 December 2014 (“4Q 2014”) – 0.9% higher than the DPU of 2.24 sen for the same quarter the previous year (“4Q 2013”).
For 4Q 2014, CMMT posted net property income (“NPI”) of RM54.6 million. The steady performance was mainly due to contribution from East Coast Mall, which had completed a twophase asset enhancement programme.
For the financial year from 1 January to 31 December 2014 (“FY 2014”), CMMT recorded stable DPU of 8.91 sen – 0.7% higher than the DPU of 8.85 sen for financial year 2013 (“FY 2013”). The total DPU of 8.91 sen for FY 2014 translates to an annualised distribution yield of 6.2% based on CMMT’s closing price of RM1.43 per unit on 19 January 2015.
Unitholders can expect to receive the total DPU of 4.38 sen per unit for the period from 1 July 2014 to 31 December 2014 on 27 February 2015. The book closure date is 5 February 2015.
Mr David Wong Chin Huat, Chairman of CMRM, said, “Despite a challenging operating environment and higher cost pressures in 2014, CMMT delivered stable results due to our proactive asset management strategy as well as our practice of regular asset enhancement initiatives.”
“For this year, Malaysia’s economy is expected to grow by 4.5% to 5.5%1, driven mainly by domestic demand. We expect retail sales in Malaysia to continue to be stable as the government has lined up several measures to boost private consumption. Our malls are essentially focused on necessity shopping. This has proven to be resilient during uncertain times. As such, CMMT is confident of delivering sustainable returns to our unitholders in 2015.”
Ms Low Peck Chen, CEO of CMRM, said, “CMMT continued to deliver a steady set of operational results in 2014, with unitholders achieving a credible total return of about 8.5% last year. This comprised a gain of 3 sen in CMMT’s unit price performance during the year – a 2.1%2 capital gain – and a total distribution per unit of 8.91 sen for FY 2014.”
“Despite the interim challenges faced at Sungei Wang Plaza due to the ongoing MRT works and higher operating costs, the additional income generated from the completion of asset enhancement works at East Coast Mall helped to cushion the impact. East Coast Mall underwent major asset enhancement works that involved the extension of the alfresco area, conversion of car park spaces into additional retail space, and reconfiguration of the ground, first and second floors to further enhance its offerings and trade mix.”
“For the new financial year, we will continue to proactively look for opportunities for asset enhancements and yield accretive acquisitions as part of our efforts to create value for our unitholders.”
Summary of CMMT’s results
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1Source: Prime Minister’s Office, 20 January 2015. 2Based on CMMT’s unit price of RM1.40 at opening on 2 January 2014 and RM1.43 at closing on 31 December 2014.