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CapitaLand Commercial Trust posts 8.9% higher 3Q DPU of 2.20 cents

Samantha Chiew
Updated

SINGAPORE (Oct 26): The manager of CapitaLand Commercial Trust (CCT) has reported an 8.9% increase in 3Q18 DPU to 2.20 cents, compared to 2.02 cents in 3Q17.

This brings 9M18 DPU to 6.48 cents, 1.5% lower than 6.56 cents in 9M17.

Distributable income in 3Q18 also increased by 13.1% to $82.7 million from $73.1 million in 3Q17.

Gross revenue during the quarter came in at $100.5 million, 35.6% higher than $74.1 million last year, mainly due to contributions from AST2 and Gallileo which offset the loss in gross revenue due to the divestments of Wilkie Edge and Twenty Anson.

Property operating expenses also increased by 29.0% y-o-y to $20.1 million, bringing net property income for 3Q18 to $80.4 million, 37.3% higher than $58.6 million a year ago.

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Finance costs increased by 73.6% to $25.6 million from $14.7 million in the previous year, largely due to higher borrowings incurred for the acquisitions of AST2 and Gallileo, as well as expenses and fees in relation to MSO Trust’s prepayment of bank borrowings and pre-termination of interest rate swaps.

As at Sept 30, CCT’s s total portfolio committed occupancy was 99.2%, compared to 97.8% as at June 30.

Kevin Chee, CEO of the manager, says, “As at end-September 2018, 81% of CCT’s attributable portfolio net lettable area is in Grade A assets. CCT remains predominantly Singapore-focused with about 95% of its investment property value in Singapore and the remaining 5% in Germany. Looking ahead, CCT will continue to seek opportunities to create long term sustainable distribution and value for its unitholders.”

Units in CCT last traded at $1.73 on Thursday.