CapitaCommerical Trust (CCT), Singapore’s first listed commercial real estate investment trust (REIT), has announced that its distributable income in Q3 rose 7.9 percent to $56.2 million year-on-year, driven by lower property tax and operating expenses.
However, Q3 net property income dropped 1 percent to $76.29 million over the same period last year. CCT’s distribution per unit (DPU) reached 1.99 cents, up 7.6 percent from the previous year.
Meanwhile, distributable income for the nine months that ended September 30 increased 14.2 percent to S$166.3 million, while net property income rose 3.6 percent to S$228.10 million.
Mr. Richard Hale, chairman of CCT, said the trust has “unlocked significant value for the Trust from the divestments of Robinson Point and Starhub Centre. The Trust will continue to extract value from the portfolio through proactive asset enhancement initiatives.”
He added that the trust is “actively sourcing for good quality assets that will complement our existing portfolio,” as well as “maintain a disciplined approach towards using the divestment proceeds, with careful consideration to the impact on the Trust’s balance sheet and yield, and unitholders’ returns.”