CapitaMall Trust’s revenue inched up in Q3 revenue despite lower tenant sales and shopper traffic

Portfolio occupancy remained steady at 98.5%.

In spite of the challenging retail environment, CapitaMall Trust reported a 3.3% year-on-year increase in its net property income for Q3. Its NPI climbed to $114m compared to $110.4m in Q313, while its revenue inched up 2.9% year-on-year to $164.6m from $160m.

CMT’s distributable income rose 5.6% year-on-year to $93.7m in Q3, while its distribution per unit was 2.72 cents, up 6.2% from the 2.56 cents for 3Q13.

However, Nomura notes that CMT remains impacted by lower shopper traffic and lacklustre tenant sales. Shopper traffic fell 1.5% year-on-year in September, while tenant sales was down 3% year-on-year in the same period.

“While the retail environment remained challenging in 9M14, CT continued to achieve over 80% tenant retention and positive rental reversion of over 6% during this period. Committed portfolio occupancy remained more or less unchanged sequentially at 98.5% as of end-September,” stated Nomura.

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