CapitaCommercial Trust's portfolio occupancy climbed to 95.8%

Versus 95.3% last quarter.

According to OCBC, CCT reported 2Q13 distributable income of S$59.6m, up 1.9% YoY mainly due to higher revenue contributions across portfolio properties, except Capital Tower, and reduced finance costs which dipped S$3.4m QoQ. 2Q13 DPU is 2.07 S-cents which translates to a 5.4% distribution yield based on the last closing price.

Total distributable income in 1H13 cumulates to S$115.3m, up 2.6% YoY, which is within expectations and make up 50.3% of our FY13 forecast.

Here's more from OCBC:

Overall portfolio occupancy remained stable at 95.8% as of end 2Q13, versus 95.3% in the previous quarter. As a result of positive rental reversions, CCT’s average committed office portfolio rentals increased QoQ from S$7.83 psf to S$7.96 psf.

The enhancement at 6BR is on track to complete by end 2013, and 93.3% of the 171k sq ft of space targeted for upgrading has been committed. In addition, CapitaGreen remains on track for completion by end 2014.

The yield protection agreement for One George Street (OGS) ended on 10 Jul 2013 and we estimate the impact to be a S$8.0m - S$8.5m income loss in 2H13.

We expect, however, that this shortfall, on a YoY basis, would likely be offset by positive rental reversions, reduced interest costs and some distribution of retained income (S$10.8m) from Quill Capita Trust.

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