CRCT's NPI up 11.9% to $41.1m in Q3

Portfolio-wide investments and better operational cash flows boosted income.

CapitaLand Retail China Trust (CRCT) popped the champagne as its net property income (NPI) grew 11.9% to $41.1m in Q3 2019 after portfolio-wide improvements and better operational cash flows for most of its malls, according to DBS Research.

Gross revenue increased by 7.5% to $59.5m in the same period, with a YTD gross revenue and NPI growing by 2.2% and 8.7% to $170.6m and $121.3m respectively.

Distributable income came in at $26.9m for Q3 and $77.2m with a $1m capital distribution.

Occupancy rates stood at 97.1%, up from 97% in Q2, with average rental reversions of 7.4% and key mall Xizhimen garnering a 10.8% boost in rents. However, Qibao and Xinnan malls reported revenues declines at 10.9% and 5.9% respectively due to ongoing tenant remix and competition from other malls.

Rental reversions for CapitaMall Minzhongleyuan fell into negative territory at -2.9% and -7.3% for September due to heightened competition.

Tenant sales and shopper traffic went up by 8.3% and 11.8% respectively, with a YTD for September at 7.3% and 8.4%.

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