CapitaCommercial Trust booked a distribution per unit of 2.12 Singapore cents in Q1 2015, up 3.9 per cent year-on-year from 2.04 cents.
SINGAPORE: CapitaCommercial Trust (CCT), Singapore’s largest office real
estate investment trust (REIT), has reported a 3.9 per cent year-on-year rise in
its distribution per unit (DPU) for Q1, on the back of higher net property
income and distributable income.
The estimated DPU for the financial quarter ended Mar 31, 2015, was 2.12
Singapore cents, up from 2.04 cents a year ago, said CCT in a news release on
Wednesday (Apr 22). The distribution yield was 5 per cent, based on the closing
price per unit of S$1.725 on Apr 21 and an annualised Q1 2015 DPU.
The firm attributed the increase to higher net property income from its
wholly-owned properties and more distributable income from its 60 per cent stake
in integrated development Raffles City Singapore.
The net property income in Q1 2015 was S$53.9 million - 6.4 per cent higher
than S$50.7 million in the same period a year ago. CCT's distributable income in
Q1 2015 was S$62.8 million, up 4.7 per cent year-on-year from S$59.9
million.
CCT said its portfolio committed occupancy, including its new Grade A office
building CapitaGreen, is 97 per cent, above the market occupancy rate of 96.1
per cent as at Mar 31, 2015. CCT also signed about 240,000 square feet of new
leases and renewals in the latest quarter.
The monthly average office portfolio gross rent grew 2 per cent
quarter-on-quarter, from S$8.61 per square foot at end-December 2014, to S$8.78
per square foot at end-March 2015. Its Grade A properties hit monthly rents of
between S$12 and S$16 at CapitaGreen.
Going forward, limited new office supply in 2015 may still result in rental
growth this year, but the growth may be moderated by the expected large future
supply due to be completed from Q2 2016 onwards, it added.
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