18 July 2014

Capita Commercial Trust (CCT) Quarterly Report - July 2014

Below is the summary captured from company's announcement to the public:

CCT achieves 5.3% higher y-o-y DPU of 2.18 cents in 2Q 2014 Better earnings amidst positive office market sentiments and potential rental upside 

Singapore, 18 July 2014 – CapitaCommercial Trust Management Limited, the Manager of CapitaCommercial Trust (CCT or Trust), is pleased to announce a distribution per unit (DPU) of 2.181 cents for the financial quarter ended 30 June 2014 (2Q 2014). This is 5.3% higher than the 2Q 2013 DPU of 2.07 cents. Based on CCT’s closing price per unit of S$1.665 on 17 July 2014, CCT’s distribution yield is 5.1%.

The 2Q 2014 distributable income of S$64.1 million is 7.6% higher than the S$59.6 million achieved in 2Q 2013 due to higher revenue, lower interest expenses and release of retained tax-exempt income distribution. The S$2.35 million of retained tax-exempt income released offsets the dilution in DPU caused by the conversion of the convertible bonds due in 2015 to CCT units in 1H 2014. Gross revenue in 2Q 2014 increased by 3.2% to S$65.8 million from S$63.8 million in 2Q 2013.

The estimated DPU for the financial period 1 January 2014 to 30 June 2014 (1H 2014) is 4.22 cents
, which is 5.2% above the 4.01 cents reported for the same period last year. The Trust pays out its distributable income semi-annually in February and August. With the books closure date for 1H 2014 being Tuesday, 29 July 2014, payment is expected to be made on Tuesday, 26 August 2014.

The value of CCT's Singapore properties, excluding its joint-venture interests in Raffles City Singapore and CapitaGreen, is S$4,837.9 million in total as at 30 June 2014. This represents an upward valuation of S$68.9 million or approximately 1.4% from the aggregate value of S$4,769.0 million as at 31 December 2013 for the same properties. Including CCT’s 60.0% interest in Raffles City Singapore, 40.0% interest in CapitaGreen and other assets, CCT’s deposited properties are worth S$7.3 billion as at 30 June 2014, an increase of 1.8% from 31 December 2013. The adjusted net asset value per unit is S$1.67 excluding 1H 2014 distributable income to unitholders

Below is some of the screenshot of presentation slides

CCT's yield is around 5.1%

Occupancy rate is near to 100%

Monthly average office rent of CCT's portfolio is around S$8.23 psf

Grade A Office Market Rent Increased to S$10.60 psf

Total Half Year DPU 4.22 cents 

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