Wednesday, October 23, 2013

CapitaRetail China Trust’s 3Q distributable income up 2.1%

CapitaRetail China Trust’s 3Q distributable income up 2.1%
Written by The Edge  
Wednesday, 23 October 2013 10:54
CapitaRetail China Trust Management Limited (CRCTML), the manager of CapitaRetail China Trust (CRCT), announced today an increase of 2.1% in distributable income to $17.1 million for the period from 1 July 2013 to 30 September 2013 (3Q 2013), compared to $16.7 million over the same period last year (3Q 2012).

The increase was led by higher revenue growth contributed by better tenants’ sales and higher rental reversions at CapitaMall Xizhimen, CapitaMall Wangjing and CapitaMall Saihan, that offset the absence of contributions from CapitaMall Minzhongleyuan which is currently undergoing asset enhancement works.

Distribution per unit (DPU) for 3Q 2013 was 2.26 cents. Based on an annualised DPU of 8.97 cents and CRCT’s closing price of $1.395 per unit on 22 October 2013, the annualised distribution yield is 6.4%.

Tony Tan, CEO of CRCTML, said, “We are pleased that the multi-tenanted shopping malls in our portfolio have maintained resilient growth for the quarter under review. Excluding CapitaMall Minzhongleyuan which is closed for asset enhancement, tenants’ sales at our multi-tenanted malls grew by a healthy 10.1%. This is a reflection of the value that we can create through proactive asset management. We are confident that the asset enhancement works underway since July 2013 at CapitaMall Minzhongleyuan will set the foundation for strong future growth. We have already secured leasing commitments and are also in advanced negotiations with other retailers, which together account for nearly 60.0% of the total net lettable area.”

“As for our proposed acquisition of Grand Canyon Mall, we have submitted the application to the Chinese government and we expect to receive official approval before year-end. The target NPI yield3 of the mall in the longer term is 7.0% to 8.0%. Following the expected completion of the acquisition by the first quarter of next year, we can further maximise the potential of this mall and enhance returns to our unitholders.”

Publish date: 23/10/13

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