CRCT – SGX
CRCT’s Third Quarter 2007 Distribution Exceeds Forecast(1) by 9.0%(2)
Achieved close to 100% occupancy rates at Wangjing Mall and Xinwu Mall
Distribution Per Unit in CRCT (“DPU”) for Third Quarter 2007(4) is 1.71 cents (6.80 cents on an annualised basis), which is 9.0%(2) higher than the forecast1 DPU of 1.57 cents (6.24 cents on an annualised basis) for the same period.
Mr Lim Beng Chee, Chief Executive Officer of CRCTML, said, “CRCT has outperformed our forecast to deliver 1.71 cents to unitholders(3) for Third Quarter 2007(4). Our continuous diligence in pro-actively managing our malls has been the driver for the robust growth in occupancy rates and increased shopper traffic across the portfolio. Going forward, we expect the overall net property income of the portfolio to improve significantly. CRCT’s portfolio size is also set to grow from S$805.7 million(5) to S$1.20 billion(6) with the recently announced proposed yield accretive acquisition of Xizhimen Mall in Beijing. The acquisition of this prime mall is expected to raise CRCT’s future DPU to above the current quarter’s annualised DPU of 6.80 cents, further driving long term growth prospects for unitholders. We look forward to unitholders’ support for the proposed acquisition of Xizhimen Mall at the forthcoming extraordinary general meeting.”
(1) Based on the forecast shown in CRCT Prospectus dated 29 November 2006 (“the Prospectus”)
(2) Actual annualised Distribution Per Unit for the period from 1 July 2007 to 30 September 2007 versus the forecast annualised Distribution Per Unit for the same period
(3) After the first distribution payment which was paid on 24 September 2007 and as disclosed in the Prospectus, subsequent distribution will be paid on a semi-annual basis for the six-month periods ending 30 June and 31 December of each year within 90 days after each of the said dates
(4) For the period from 1 July 2007 to 30 September 2007
(5) Based on CRCT’s existing portfolio of seven properties as at 30 September 2007
(6) After taking into account the proposed acquisition of Xizhimen Mall