CapitaLand Commercial Trust Management Limited (Manager), the Manager of CapitaLand Commercial Trust (CCT or Trust), is pleased to report an estimated distribution per unit (DPU) of 2.39 cents1 for the financial quarter ended 31 December 2016 (4Q 2016). This translates to DPU growth of 10.1% year-on-year (y-o-y) and 6.7% above the forecast 4Q 2016 DPU of 2.24 cents stated in CCT’s circular to unitholders dated 21 June 20162. For financial year 2016 (FY 2016), CCT’s DPU increased by 5.3% y-o-y to 9.081 cents. Based on CCT’s closing price per unit of S$1.565 on 17 January 2017 and FY 2016 DPU, CCT’s distribution yield is 5.8%.
Year-on-year, 4Q 2016 gross revenue increased by 32.7% to S$89.7 million and net property income (NPI) grew by 35.4% to S$70.8 million. This is a result of CapitaGreen’s contribution to CCT’s 4Q 2016 gross revenue and NPI after becoming a wholly-owned property of the Trust. It in turn arose from CCT’s acquisition of the remaining 60.0% interest in MSO Trust that owns CapitaGreen which completed on 31 August 2016. The estimated DPU for the financial period 1 July 2016 to 31 December 2016 (2H 2016) is 4.69 cents. Books closure date for 2H 2016 DPU is Thursday, 26 January 2017. The 2H 2016 DPU is expected to be paid on 27 February 2017 as CCT pays its distributable income semi-annually.
The Trust’s investment properties, including its joint venture interest in Raffles City Singapore, have been assessed by independent valuers to be worth S$8,491.9 million as at 31 December 2016. This represents a 13.6% y-o-y increase in portfolio value mainly due to the increased stake in MSO Trust. The Trust’s adjusted net asset value per unit is S$1.73, after deducting the distributable income payable to unitholders.
The Trust’s unaudited Consolidated Financial Statements for 4Q 2016 results are available on its website (www.cct.com.sg) and on SGXNet (www.sgx.com).
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