CMT’s FY 2014 distribution per unit up 5.6% year-on-year
FY 2014 distributable income increases 5.4% year-on-year
Singapore, 23 January 2015 – CapitaMall Trust Management Limited (CMTML), the manager of CapitaMall Trust (CMT), is pleased to announce that CMT’s distribution per unit (DPU) of 2.86 cents for the period 1 October 2014 to 31 December 2014 (4Q 2014) was 5.1% higher than the 2.72 cents for the same period in 2013 (4Q 2013). This brings CMT’s DPU for the period from 1 January 2014 to 31 December 2014 (FY 2014) to 10.84 cents, a 5.6% increase over the DPU of 10.27 cents for the full year 2013 (FY 2013).
Distributable income for FY 2014 was S$375.3 million, a 5.4% increase over the distributable income of S$356.2 million for FY 2013.
Based on CMT’s closing price of S$2.21 per unit on 22 January 2015, the distribution yield is 5.14%. Unitholders can expect to receive their DPU for 4Q 2014 on 27 February 2015. The Books Closure Date is 2 February 2015.
Mr Danny Teoh, Chairman of CMTML, said, “CMT has delivered another good set of results in 2014. Distribution per unit to unitholders for full year 2014 increased 5.6% to 10.84 cents, underpinned by our portfolio of mainly necessity shopping malls and low unemployment in Singapore. As our malls are located near transportation hubs and large population catchment areas, they enjoy a high level of shopper traffic and are therefore well-positioned to sustain their performances through economic cycles. We are confident that CMT’s scale and strong retailer network will put us in good stead to continually create value for our unitholders.”
Mr Wilson Tan, CEO of CMTML, said, “Our portfolio of malls continued to enjoy high occupancy of 98.8% as at 31 December 2014. For the quarter under review, we continued to reinvent and make our malls relevant. Bukit Panjang Plaza completed the food and beverage (F&B) block and Level 2 opened with additional dining options, including popular choices such as Suki-ya, Eighteen Chefs and Siam Kitchen. In addition, we have created additional space in Sembawang Shopping Centre for a childcare centre. Reconfiguration works at Block A in Clarke 2 Quay are also underway to introduce new F&B and entertainment concepts, as we continue to reinforce Clarke Quay’s attractiveness as a vibrant place to visit. Our ongoing asset enhancement works for Bukit Panjang Plaza, Tampines Mall and IMM Building are progressing smoothly. ”
Summary of CMT’s results
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CMT’s gross revenue grew 2.2% year-on-year to S$165.2 million for 4Q 2014, while net property income was 4.1% lower than 4Q 2013.
For FY 2014, CMT’s gross revenue grew 3.3% year-on-year to S$658.9 million, while net property income increased 2.2% year-on-year to S$448.4 million.
Proactive Capital Management
On 12 November 2014, CMT MTN Pte. Ltd., a wholly-owned subsidiary of CMT, issued fixed rate notes of HK$650.0 million due 2025 at 3.25% per annum under its S$2.5 billion Medium Term Note Programme. The proceeds from these notes have been swapped to S$108.3 million at 3.25% per annum.
As at 31 December 2014, CMT’s average cost of debt and gearing ratio were 3.5% and 33.8% respectively.