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CapitaLand Commercial Trust posts 0.9% rise in distribution per unit for Q4

The higher DPU came on the back of a rise in net property income from the trust’s properties and higher distributable income from Raffles City Singapore, CapitaLand Commercial Trust says.

SINGAPORE: CapitaLand Commercial Trust Managment (CCT) on Wednesday (Jan 20) announced a distribution per unit (DPU) of 2.17 cents for the fourth quarter of 2015, a 0.9 per cent increase from the same quarter last year.

The higher DPU came on the back of a 0.8 per cent rise in distributable income of S$64.1 million for the quarter. CCT attributed this to an increase in net property income from its properties and higher distributable income from Raffles City Singapore.

DPU for the full year was 8.62 cents, an increase of 1.9 per cent from the previous year. Based on its closing price of S$1.365 on Tuesday, this works out to a distribution yield of 6.3 per cent, the trust manager said in a filing to the Singapore Exchange.

The trust’s portfolio of properties, including its joint-venture interests in Raffles City Singapore and CapitaGreen, have been assessed by independent valuers to be worth S$7.48 billion as of Dec 31, 2015, CCT said. This is an increase in fair value of investment properties of S$119.6 million, or 1.6 per cent, compared to a year ago.