CapitaCommercial Trust Q1 DPU at 2.12 cents, up 3.9%; CapitaGreen 76% leased

Office real estate investment trust (Reit) CapitaCommercial Trust reported a distribution per unit (DPU) of 2.12 Singapore cents for its first quarter ended Mar 31, 2015, up 3.9 per cent from 2.04 cents a year ago.

Revenue was up 6.5 per cent to S$68.2 million, while net property income was up 6.4 per cent to S$54 million.

Based on the Reit's last traded share price of S$1.725 on Tuesday, its distribution yield is an annualised 5 per cent.

Net asset value per unit at end-March was S$1.73, down slightly from S$1.75 at end-2014.

Lynette Leong, CEO of the Reit manager, said that the Reit's new office building CapitaGreen has, as of Tuesday, secured leases for 536,500 square feet or 76.4 per cent of its net lettable area.

"We target to achieve full occupancy at CapitaGreen by the end of 2015. A few tenants have commenced operations in the building, while the majority is expected to move in progressively over the second half of 2015," she said.