CapitaLand Commercial Trust's Q2 DPU up 3.2%

CAPITALAND Commercial Trust (CCT) on Wednesday reported an estimated distribution per unit (DPU) of 2.27 Singapore cents for the second quarter, which is 3.2 per cent above the Q2 2016 DPU of 2.20 Singapore cents, underpinned by the strong performance of CapitaGreen.

For the three months ended June 30, 2017, the trust's distributable income grew 6.7 per cent to S$69.5 million in Q2 2017. Year on year, Q2 2017 gross revenue increased by 29.5 per cent to S$87.5 million and net property income increased by 34.3 per cent to S$69.1 million.

CapitaLand Commercial Trust Management Limited, the manager of CCT, said that the estimated adjusted DPU of 2.27 Singapore cents for Q2 2017 and 4.59 Singapore cents for H1 2017 were computed based on total units in issue of 3,061 million as at July 14, 2017. Based on the annualised H1 2017 DPU and CCT's closing price per unit of S$1.69 on July 18, CCT's distribution yield is 5.5 per cent.

CCT's H1 2017 distributable income rose 8.3 per cent to S$140.8 million, and net property income was up 34.3 per cent to S$139 million compared with the year before. Gross revenue was up 31.7 per cent to S$177 million for H1 2017.

As at June 30, 2017, the trust's total deposited property value was S$9 billion, an increase of S$194.2 million from CCT's deposited property value of S$8.8 billion as at Dec 31, 2016. The increase is due to higher capital values registered by CCT's portfolio of properties and divestment gain from the sale of 50 per cent in One George Street.