CMT – SGX
CMT Achieves Higher Distribution per Unit of Over 19.3%1 for Third Quarter2 2007
Singapore, 19 October 2007 – CapitaMall Trust Management Limited (“CMTML”), the manager of CapitaMall Trust (“CMT”), is pleased to announce a distributable income of S$53.2 million to unitholders of CMT (“Unitholders”) for Third Quarter2 2007. The distributable income for Third Quarter2 2007 is based on 100.0% of CMT’s taxable income available for distribution to Unitholders for the same period. The distribution for Third Quarter2 2007 also includes a capital distribution of S$1.5 million received from CMT’s 20% investment in CapitaRetail China Trust (“CRCT”). CMT received a total capital distribution of S$3.1 million3 from CRCT, of which S$1.6 million has been retained for distribution in Fourth Quarter4 2007.
Distribution Per Unit in CMT (“DPU”) for Third Quarter2 2007 is 3.40 cents, including 0.09 cents capital distribution from its investment in CRCT, (13.49 cents on an annualised basis), which is 17.2% higher than the forecast5 DPU of 2.90 cents for Third Quarter2 2007 (11.51 cents on an annualised basis). When compared against the Third Quarter6 in 2006, the DPU registered an increase of 19.3% from 11.31 cents (on an annualised basis) to 13.49 cents (on an annualised basis). The Books Closure and Distribution Payment Date will be announced shortly.
CMT Group’s7 gross revenue for Third Quarter2 2007 was S$114.5 million. This is an increase of S$19.6 million or 20.7% over the forecast5 gross revenue for Third Quarter2 2007. Of the S$19.6 million increase in gross revenue, approximately 25.5% or S$5.0 million was due to top line revenue growth at malls within the CMT Portfolio8. The remaining S$14.6 million was due to the consolidation of CapitaRetail Singapore Limited9 (“CRS”) results.
CMT Group’s7 Net Property Income (“NPI”) for Third Quarter2 2007 also exceeded the forecast5 NPI for Third Quarter2 2007 by 21.7% or S$13.7 million. On the same store10 basis, CMT Group’s7 NPI for Third Quarter2 2007 outperformed NPI for Third Quarter6 2006 by 11.9% or S$5.9 million, while its NPI for First Three Quarters11 2007 was better than NPI for First Three Quarters12 2006 by 8.5% or S$12.7 million. Rental renewal rates for the First Three Quarters11 2007 saw robust growth, registering 12.1% over preceding rental rates, and 5.5% over forecast rental rates13.
1 Annualised Distribution per Unit for the period from 1 July 2007 to 30 September 2007 versus the annualised Distribution per Unit for the period from 1 July 2006 to 30 September 2006.
2 For the period from 1 July 2007 to 30 September 2007.
3 For the period from 23 October 2006 to 30 June 2007.
4 For the period from 1 October 2007 to 31 December 2007.
5 Based on the forecast and projection, together with the accompanying assumptions, in the CMT Offer Information Statement dated 29 August 2006.
6 For the period from 1 July 2006 to 30 September 2006.
7 Includes proportionate consolidation of the 40.0% interest in Raffles City, 100.0% interest in CRS (with effect from 1 June 2007) and CMT MTN Pte. Ltd. (with effect from 13 April 2007) and equity accounting of its associate.
8 Comprising Tampines Mall, Funan DigitaLife Mall, Junction 8, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, Hougang Plaza, Jurong Entertainment Centre and 40% stake in Raffles City.
9 Comprising Lot One Shoppers’ Mall, Bukit Panjang Plaza and Rivervale Mall.
10 Excluding 40.0% interest in Raffles City, Bukit Panjang Plaza, Lot One Shoppers’ Mall and Rivervale Mall.
11 For the period from 1 January 2007 to 30 September 2007.
12 For the period from 1 January 2006 to 30 September 2006.
13 Forecast rental rates for the period 1 July 2007
Source : SGX