CapitaMall Trust's DPU inches higher by 2.6%

It must be grateful for higher rentals.

According to OCBC, CapitaMall Trust (CMT) reported 4Q12 DPU of 2.36 S cents, up 2.6% YoY. This brings the FY12 DPU to 9.46 S cents (+5.1%), slightly ahead of our full-year DPU projection of 9.16 S cents. 

The improved performance was driven mainly by incremental contributions from JCube, Bugis+ and higher rentals from its new and existing leases, and came despite
the fact that S$15.3m capital distribution received from CapitaRetail China Trust (CRCT) was retained for working capital purposes.

Here's more from OCBC:

Looking ahead, CMT expects its completed asset enhancement works to continue to boost its rental income in 2013. In addition, management will focus on its repositioning exercise for IMM Building and leasing activities for Westgate.

As at 31 Dec 2012, CMT’s gearing ratio saw a 0.9ppt QoQ improvement to 36.7%, while average cost of debt was maintained at 3.3%.