CRCT's Q4 DPU slips 3.3% to 2.34 S cents on enlarged unit base

Singapore

CAPITALAND Retail China Trust (CRCT) on Friday posted a distribution per unit (DPU) of 2.34 Singapore cents for the fourth quarter, down 3.3 per cent from 2.42 cents a year earlier. This was partially due to an enlarged unit base in Q4 2019 following a private placement in August and preferential offering in September.

The prior corresponding year's DPU of 2.42 cents had also included a capital distribution, which arose from a gain following the divestment of a stake in a company which held CapitaMall Anzhen. Excluding this capital distribution, DPU in Q4 2018 would have been 2.34 cents, the same as the latest DPU for Q4 2019.

Gross revenue for the three months ended Dec 31 grew 23.5 per cent to 347.2 million yuan (S$69.1 million) from 281 million yuan previously. This was driven by the first full-quarter contributions from CapitaMall Xuefu, CapitaMall Yuhuating and CapitaMall Aidemengdun which were acquired in August 2019, the China mall real estate investment trust's (Reit) manager said. But these were partially offset by lower revenue from CapitaMall Erqi due to the pre-termination of its anchor tenant, as well as a on…