CapitaLand Mall Trust Q2 DPU rises 0.7%

Singapore

CAPITALAND Mall Trust (CMT) will continue to focus on sustaining distribution per unit (DPU) growth.

CMT Management, the manager of the real estate investment trust, said this on Wednesday as the Reit reported a 0.7 per cent rise in second-quarter DPU to 2.71 Singapore cents.

The rise was on the back of a 0.7 per cent rise in distributable income to S$94.04 million, from Q2 2014's S$93.4 million, the latter after a retention of S$3.2 million for distribution in the fourth quarter of 2014.

The DPU translated to an annualised distribution yield of about 5 per cent based on CMT's latest unit closing price.

CMT's gross revenue for the three months ended June 30 fell 2.9 per cent to S$159.6 million because of lower revenue from IMM Building as a result of ongoing asset enhancement and lower occupancies at JCube and Clarke Quay. Portfolio occupancy dropped to 96.4 per cent as at June 30 from 98.8 per cent as at end-2014. CMT said the occupancy was high "despite on…