CapitaRetail China Trust (CRCT), a wholly-owned subsidiary of CapitaLand, achieved a net property income of RMB382.3 million for the fiscal year 2010, up 5.8 percent from the previous year.
“We delivered a strong set of results in FY 2010. Our portfolio occupancy rate at end-2010 was 98.1 percent, which is the highest ever achieved,” said Mr. Tony Tan, Chief Executive of CapitaRetail China Trust Management Limited (CRCTML), the manager of CRCT.
Total distribution per unit (DPU) in 2010 rose 2.7 percent to 8.36 cents, while annualised distribution yield stood at 6.7 percent, based on CRCT’s closing price of S$1.24 per unit.
Full-year gross revenue increased 4.4 percent to RMB589.1 million, attributed to contributions from Beijing Hualian Supermarket at Xizhimen Mall, which started operations in Q4 last year, as well as to the occupancy and rental growth at Saihan Mall, Xinwu Mall, Xizhimen Mall and Wangjing Mall.
“We secured positive rental renewal rates for all our malls, with Wangjing Mall and Xinwu Mall registering double-digit rent increases of 12.2 percent and 10.9 percent year-on-year in FY 2010 respectively. With the exception of Qibao Mall, which is undergoing tenancy adjustments, all our malls registered their highest revenue since CRCT’s IPO,” said Mr. Tan.
“Tenant sales for the full year grew 24.6 percent compared to a year ago and shopper traffic was up 15.4 percent to reach 54.2 million in 2010, putting us in a strong position to achieve higher revenue in 2011.”