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CapitaCommercial Trust reports 2% rise in DPU in Q4

CapitaCommercial Trust (CCT) reported that its estimated distribution per unit (DPU) for the fourth quarter climbed 2 per cent to 2.09 cents.

SINGAPORE: CapitaCommercial Trust (CCT) reported that its estimated distribution per unit (DPU) for the fourth quarter climbed 2 per cent to 2.09 cents.

Its distributable income for the period rose 3.3 per cent to S$60.2 million, mainly due to lower interest expenses.

For the full year, CCT's DPU was 8.14 cents, up 1.2 per cent from 8.04 cents a year ago.

The trust's gross revenue for the fourth quarter rose 1.5 per cent to S$98.6 million, due to higher revenue contribution from most properties except for One George Street.

But higher operating expenses resulted in the trust's net property income falling 1.3 per cent to S$74.2 million.

CCT said its portfolio average monthly rental rates improved 6.4 per cent to S$8.13 per square foot.

Its committed occupancy rate was 98.7 per cent as at December 31 last year, which is better than the core CBD occupancy rate of 95.2% for the same period, according to figures from CBRE.

Its 40 per cent interest in the CapitaGreen development, which is expected to be completed in 4Q 2014, will benefit from the improving office leasing demand and limited new office supply in 2014 and 2015. 

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