CCT declares 2.7% rise in Q4 DPU on enlarged base, higher revenue
CAPITALAND Commercial Trust's (CCT) distribution per unit (DPU) rose by 2.7 per cent to 2.28 Singapore cents on an enlarged unit base for its fourth quarter ended Dec 31, 2019, up from 2.22 Singapore cents a year ago.
Gross revenue was up 8.9 per cent to S$107.8 million for the quarter, from S$99 million a year ago.
The improved performance was due to higher gross revenue from 21 Collyer Quay, Capital Tower and contribution from Main Airport Center in Frankfurt, Germany, from Sept 18, 2019, the real estate investment trust said in a filing on Wednesday morning.
This increase was offset partially by lower revenue from Six Battery Road and Bugis Village.
Net property income (NPI) grew 3.3 per cent on the year to S$81.9 million for the quarter, from S$79.3 million.
Distributable income increased by 5.5 per cent to S$87.6 million, from S$83.1 million for Q4 2018.
The distribution will be paid out on Feb 28, after books closure on Jan 30.
Meanwhile, for the full year ended Dec 31, DPU was 2.1 per cent higher at 8.88 Singapore cents, versus 8.7 cents a year ago, and distributable income grew 4.9 per cent to S$337.6 million. Gross revenue was 4.7 per cent higher at S$412.3 million, while NPI rose 2.1 per cent to S$321.2 million for the year.
CCT's manager had released the results on Wednesday despite announcing the night before that it will be postponing them "until further notice". The manager also announced then that the media and analyst briefing session, originally scheduled for 5.45pm on Tuesday, will be rescheduled.
Units of CCT closed two Singapore cents or 0.9 per cent lower at S$2.13 on Tuesday.
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