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Consolidation of Westgate, Funan’s reopening boost CMT’s Q3 DPU

CAPITALAND Mall Trust (CMT) on Monday posted a distribution per unit (DPU) of 3.06 Singapore cents for its third quarter ended Sept 30, up from the 2.92 cents paid out a year ago.

Third-quarter gross revenue was S$201.1 million, an increase of 17.9 per cent from a year ago. The increase was mainly due to the completion of the acquisition of the balance 70 per cent interest in Westgate on Nov 1, 2018. With this, Westgate's contribution is now also consolidated at the group level.

Westgate contributed S$18.8 million, while Funan's retail and office components, which reopened in June 2019, accounted for S$12.5 million to the total gross revenue of the group. This was also the first full quarter contribution from Funan.

The increase in revenue was partially offset by lower income from Lot One Shoppers' Mall mainly due to rejuvenation works which started in the quarter.

Its cinema is looking to reformat the current four halls to eight new halls, and the library is also expanding. Refurbishment works are expected to be completed progressively from the second half of 2020.

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Net property income rose 17.6 per cent to S$144.2 million, while distributable income to unitholders went up 9.1 per cent to S$113 million.

CMT's portfolio saw an overall 1.2 per cent increase in rental rates over preceding rental rates, typically committed three years ago.

The books closure date is Oct 30 and distributions will be paid on Nov 29.

Units of the trust added one cent to finish at S$2.65 on Monday.

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