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CapitaLand China Trust reports 2.9% lower gross revenue of RMB475.5 mil for 1QFY2023

Felicia Tan
·2-min read

The declines in both gross revenue and NPI were attributable to the winding down of CapitaMall Qibao as well as other factors.

CapitaLand China Trust AU8U has reported gross revenue of RMB475.5 million ($91.9 million), down 2.9% y-o-y for the 1QFY2023 ended March 31. The REIT’s net property income (NPI) for the quarter also fell by 1.6% y-o-y to RMB339.1 million.

The declines in both gross revenue and NPI were attributable to the winding down of CapitaMall Qibao, downtime from the REIT’s assets that were undergoing asset enhancement initiatives (AEIs), as well as unit reconfiguration and lag time from committed occupancy handovers.

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As at March 31, the REIT’s retail occupancy increased by 1 percentage point q-o-q to 96.4% while its business park portfolio’s retail occupancy fell by 1.6 percentage points q-o-q to 89.8%. Its logistics park portfolio fell by 0.8 percentage points to 95.6% as at March 31.

Its portfolio weighted average lease to expiry (WALE) stood at 1.8 years by gross rental income (GRI) and 2.0 years by net lettable area (NLA).

Traffic improved by 10.6% y-o-y and saw sequential m-o-m improvement during the quarter while sales grew by 15.4% y-o-y with sales nearly reaching its pre-Covid-19 levels.

CLCT reported that it had secured leasing of 31,862 sqm (342,959.714 sq ft) of retail space representing 30% of FY2023’s expiring NLA during the quarter.

As at March 31, its gearing stood at 40.0% with an interest coverage ratio (ICR) of 3.6x. About 75% of the REIT’s debt is on fixed-rate loans.

According to the REIT, a 50-basis point (bps) change in variable rate will impact its distribution per unit (DPU) by about 0.14 cents or 1.8%.

As at March 31, CLCT has total assets of $5.2 billion with 11 retail malls, five business parks and four logistics parks located in 12 cities.

As at 11.21am, units in CLCT are trading flat at $1.14.

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