Real estate investment trust CapitaCommercial Trust (CCT) has announced that its distributable income in the second quarter of this year rose 15.9 percent to $55.674 million over the same period last year.
The increase was primarily due to lower property operating expenses and higher rental contribution from the company’s portfolio of ten high-value commercial buildings, which include Bugis Village, Six Battery Road and Capital Tower.
The result also contributed to the 17.8-percent increase of distributable income in H1 to $110.015 million over the same period last year, which was strengthened by lower expenses and lower interest costs from reduced borrowings.
The positive interim figures were due to “our good track record in proactive leasing and further increasing building occupancies,” said Ms. Lynette Leong, CEO of CapitaCommercial Trust Management (CCTM).
She noted that the occupancy rate again hit 95.6 percent at the end of June, up from 95.5 percent at the end of March. She added that the Reit has signed renewals of existing leases and 277,000-sq-ft of new leases in the second quarter.