THE latest report card of CapitaLand Mall Trust (CMT), Singapore's oldest real estate investment trust (Reit), reflects the challenging retail market conditions.
That said, the trust managed to maintain fourth-quarter distribution per unit (DPU) at 2.88 Singapore cents. DPU for FY2016 slipped 1.1 per cent to 11.13 Singapore cents.
On a comparable mall basis, CMT's gross revenue inched up just 0.4 per cent while net property income was flat in FY2016 over the preceding year.
The trust's rental reversions, measured by the increase in current rental rates versus preceding rental rates, typically committed three years ago, have also been sliding. Last year, the figure was one per cent, down...