PERFORMANCE REVIEW
2004 has been another exciting year for CapitaMall Trust (CMT). CMT continued with its acquisition strategy and increased its portfolio from four to five properties with the acquisition of Plaza Singapura on 2 August 2004. CMT is the largest listed REIT on the SGX-ST with a market capitalisation of over S$2.1 billion as at 31 December 2004. With the completion of several asset enhancement initiatives in Junction 8, Tampines Mall and IMM Building (IMM), and the successful re-positioning of Funan The IT Mall, amidst the recovering economy, CMT was able to improve on its performance over 2003.

This stellar performance is attributed to the following strategies adopted by the Manager :

REVENUE
Gross revenue for 2004 was S$177.2 million, an increase of S$60.2 million or 51.5 percent over S$117.0 million for the financial year ended 31 December 2003. The higher revenue was mainly due to the maiden contribution from Plaza Singapura of S$23.9 million for the period from 2 August to 31 December 2004 and the full year contribution of S$49.8 million from IMM this year against S$24.1 million for the period from 26 June 2003 to 31 December 2003. Higher rental income from the other malls and rental income from new retail areas created at Junction 8 and Tampines Mall also contributed to the higher gross revenue.

NET PROPERTY INCOME
As a result of the higher gross revenue, net property income of S$114.2 million was S$35.8 million or 45.7 percent higher than S$78.4 million for the financial year ended 31 December 2003. Similarly, this was mainly due to the maiden contribution from Plaza Singapura of S$17.7 million for the period from 2 August to 31 December 2004 and full year contribution of S$27.6 million from IMM Building this year against S$12.5 million for the period from 26 June 2003 to 31 December 2003. Higher rental income from the other malls also translated into improved net property income.

DISTRIBUTIONS
For 2004, CMT made distribution of 5.41 cents per unit for the period from 1 January 2004 to 1 August 2004 and 4.07 cents per unit for the period from 2 August 2004 to 31 December 2004. In the financial year ended 31 December 2003, CMT distributed 3.62 cents per unit for the period from 1 January 2003 to 25 June 2003, and 4.41 cents per unit for the period 26 June 2003 to 31 December 2003. Overall, the total distribution for the financial year ended 31 December 2004 of 9.48 cents per unit was an increase of 18.1 percent over the total distribution for the financial year ended 31 December 2003 of 8.03 cents per unit.

ASSETS
The total assets as at 31 December 2004 were S$2,349.8 million compared with S$1,351.5 million as at 31 December 2003. The increase of S$998.3 million was mainly due to the acquisition of Plaza Singapura and the increase in property valuations for the other properties.

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