CapitaLand Malaysia Trust reports a 36.8% YoY jump in DPU

The firm’s distributable income also improved, rising 69.8% in 1Q24.

CapitaLand Malaysia Trust (CLMT) reported a distribution per unit (DPU) of 1.19 sen ($0.0106) in 1Q24, translating to a 36.8% YoY increase. 

In the same period, distributable income rose 69.8% to RM33.6m ($301,795) from RM19.8m ($177,903) in 1Q23.

Net property income for the first quarter of 2024 reached RM64.0m ($5.8m), a 63.0% increase from 1Q23.

Meanwhile, CLMT’s gross revenue also grew 42.5% YoY to RM111.9m ($1.0m) in 1Q24 due to the full quarter revenue contribution from Queensbay Mall, higher occupancies, and positive rental reversions.

In 1Q24, CLMT’s rental occupancy increased to 92.4%, whilst rental reversions remained at +9.1%. 

Tenant sales per sq ft also grew 16.0% YoY, and shopper traffic on a same-store basis increased by 8.6% YoY.