CapitaCommercial Trust has recorded a distributable income of $54.3 million for Q1 2010, up 19.7 percent from the same period last year.
CCT’s occupancy rate also increased to 95.1 percent in the first quarter from 94.8 percent in the fourth quarter last year. The committed occupancy rate of its Grade A office space also increased to 99.1 percent from 98.7 percent last year.
The distribution per unit (DPU) of the office landlord is 1.93 cents. This was a year-on-year decrease of 40.4 percent from 3.24 cents in Q1 2009. On an adjusted for rights basis, DPU rose 19.1 percent from 1.62 cents.
The gross rental income for the first quarter surged 7.1 percent year-on-year to $93.6 million. Gross revenue in Q1 also rose 4.5 percent to $101.8 million. Its net property income surged 11 percent to $77.6 million, and total current assets stand at $401.6 million while current liabilities are $313.1 million. CCT’s cash and cash equivalents in the first quarter are $172.73 million, up from $70.49 million in the previous year.
Moreover, the outstanding aggregate principal amount of convertible bonds due in 2013 have been cut to S$229.5 million, while repurchased convertible bonds due in 2013 have been cancelled.
Lynette Leong, chief executive officer of CCT Management, said, “the strong performance for this quarter is attributed to our good track record of proactive leasing, with the signing up of leases with positive rental reversions, and further strengthening building occupancies.”
“Moreover, successful efforts in refinancing debt well ahead of maturity dates, lengthening the average debt maturity, diversifying the sources of funding, and keeping the proportion of secured debt low also boosted the bottom line,” she added.