CapitaRetail China Trust Q4 DPU grows 10.1%

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CapitaRetail China Trust (CRCT) has announced that distribution per unit (DPU) in the fourth quarter 2011 climbed 10.1 percent to 2.28 cents, while DPU for the year hit 8.70 cents, up 4.1 percent from a year ago.

“We are pleased to deliver a set of strong financial results with our nine income-producing malls operating at close to full occupancy rate of 98.1 percent,” said Tony Tan, Chief Executive of CapitaRetail China Trust Management Ltd (CRCTML), the manager of CRT.

In Q4 2011, the trust achieved its fourth consecutive quarter of double-digit year-on-year growth in tenant sales and net property income (NPI) at 27.1 percent and 17.1 percent respectively.

Meanwhile, for the full year result, “we registered robust NPI growth of 15.9 percent year-on-year, including contribution from CapitaMall Minzhongleyuan, which was acquired in June 2011,” said Tan.

He noted that NPI increased 11.7 percent year-on- year, and the trust achieved strong rental reversion of 11.5 percent across its portfolio.

“We recorded strong organic growth. The two largest contributors to our portfolio’s NPI, CapitaMall Xizhimen and CapitaMall Wangjing, delivered NPI growth of about 12.0 percent for FY 2011. CapitaMall Wuhu, CapitaMall Qibao and CapitaMall Saihan continued their positive growth momentum and recorded NPI growth of 37.6 percent, 60.8 percent and 91.7 percent for FY 2011 respectively.”

Going forward, he noted that the trust will capitalise on the wave of retailer expansion into China and generate organic growth by optimising its portfolio mix and improving the retail offerings in its malls.

“We will (also) continue to be proactive and prudent in our capital management. We have refinanced majority of our debt maturing this year and with a low gearing of 28.0 percent, CRCT enters the new financial year with increased confidence and flexibility for growth.”

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