CCT – BT

CapitaCommercial Trust's Q1 DPU gain 3.3%

CapitaCommercial Trust (CCT) announced on Friday its first quarter distribution unit (DPU) was at 1.90 Singapore cents, an increase by 3.3 per cent from the DPU (1.84 Singapore cents) a year ago.

The distributable income was at S$53.9 million for its first quarter which ended 31 March 2012, 3.4 per cent higher than last year's standing.

CCT's 1Q net property income registered no change in percentage year-on-year, while its gross revenue fell by 3.9%, to $87.43 million.

Following the company's refinancing strategy this year, CCT's average cost of debt has decreased to 3.1 per cent in 1Q 2012 from 3.6 per cent in 4Q 2011

CCT's Singapore portfolio occupancy rate was at 96.0 per cent, higher than the market occupancy rate of 90.7 per cent.

Its Grade A occupancy was at 94.4 per cent despite the market's decline to 87.1 per cent.

The outlook for CCT is optimistic as they have recently acquired Twenty Anson, a new and well-located prime office building which will be poised to contribute income to 2Q 2012.

Another 17 tenants from diversified business sectors have also been added to CCT's stable.

"CCT's gearing at 30.5 per cent is still at the low end of our target range, giving us good headroom for future investment opportunities," said Ms Lynette Leong, Chief Executive Officer of CapitaCommercial Trust Management Limited which manages CCT.

No distribution is said to be given for Q1.