CapitaCommercial Trust reports Q4 DPU of 2.15 cents; yield now 4.6%

CAPITACOMMERCIAL Trust, a real estate investment trust (Reit) holding central business district (CBD) offices, reported on Wednesday morning before trading hours a distribution per unit (DPU) of 2.15 cents for its fourth quarter ended Dec 31, 2014, up 2.9 per cent from 2.09 cents a year ago.

This brings the full-year DPU to an estimated 8.46 cents before conversion of convertible bonds, up 3.9 per cent from 8.14 cents a year ago. This gives it a yield of 4.6 per cent on its last traded price of S$1.835.

End-2014 net asset value was S$1.75 per unit before deducting distributable income, giving a price-to-book ratio of 1.05 times.

Net property income for the quarter rose 3 per cent from S$49.2 million to S$50.6 million. After adjustments, including distributions from joint ventures, distributable income was up 5.7 per cent from S$60.2 million to S$63.6 million.

The Reit's first development project, CapitaGreen, obtained its Temporary Occupation Permit (TOP) on Dec 18, 2014. As of end-2014, CapitaGreen has secured leases for 486,800 square feet (45,225 square metres) or 69.3 per cent of its net lettable area. The manager of the Reit noted that this exceeded its target level of 50 per cent upon TOP.