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CLCT’s 6-Month Net Property Income Down 8.7% Year-on-Year on China

CLCT’s 6-Month Net Property Income Down 8.7% Year-on-Year

Feb 3, 2023 –  CapitaLand China Trust (CLCT)’s six-month to December 2022 Net Property Income (NPI) was RMB570.1 million, 8.7% lower year-on-year, due to higher rental relief on the back of tougher operating conditions, particularly in the fourth quarter, and associated asset enhancement downtime for various malls.  Consequent to the stronger Singapore dollar against RMB, NPI was S$114.7 million, 11.8% lower than 2H 2021.

For the financial year 2022 (FY 2022), it posted an NPI of S$254.2 million, 1.5% higher than FY 2021. The increase in NPI was driven by full-year contributions from the acquisitions of five business parks and four logistics parks completed in 2021.  This was partially offset by higher rental relief provided for tenants whose operations were affected by long periods of COVID-19 lockdown during the year, particularly in 2H 2022, its manager said in a statement.

For the full-year, distributable income was S$125.6 million and distribution per unit (DPU) on an enlarged unit base was 7.50 cents, compared with the year earlier 8.73 cents.  Based on CLCT’s closing price of S$1.27 on February 2, 2023, the distribution yield for FY 2022 was 5.9%.