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Financial Performance
for 2009 to 2012
Financial
Review
2011
Gross Revenue
Gross revenue for the FY
ended 31 December 2011 was
S$630.6 million, an increase
of S$49.5 million or 8.5% over
S$581.1 million for the FY ended
31 December 2010. Of the
increase, S$28.9 million was due
to Clarke Quay and Bugis+, which
were acquired on 1 July 2010 and
1 April 2011 respectively, while
the balance was attributed to
higher gross revenue across the
properties mainly due to the higher
rental rates achieved from new and
renewed leases and step-up rents.
The increase was partially offset
by decrease in revenue from
Atrium due to the commencement
of its AEI in January 2011.
Net Property Income
As a result of the higher gross
revenue, NPI of S$418.2 million
was S$19.1 million or 4.8% higher
than the S$399.1 million for
FY 2010. Similarly, this was mainly
due to Clarke Quay and Bugis+
which were acquired on 1 July
2010 and 1 April 2011 respectively
and higher rental income across
the properties which was partially
offset by decrease in revenue from
Atrium and JCube due to AEI.
2010
Gross Revenue
Gross revenue for the FY 2010
was S$581.1 million, an increase
of S$28.4 million or 5.1% over
S$552.7 million for FY 2009.
S$15.4 million of the increase
was due to Clarke Quay, which
was acquired on 1 July 2010 while
the balance was attributed to
higher gross revenue across the
properties mainly due to the higher
rental rates achieved from new and
renewed leases and step-up rents.
Net Property Income
As a result of the higher gross
revenue, NPI of S$399.1 million was
S$22.3 million or 5.9% higher than
the S$376.8 million for FY 2009.
Similarly, this was mainly due to
Clarke Quay which was acquired
on 1 July 2010 and higher rental
income across the properties.
2009
Gross Revenue
Gross revenue for FY 2009 was
S$552.7 million, an increase of
S$41.8 million or 8.2% over
S$510.9 million for FY 2008.
S$19.4 million of the increase
was due to Atrium which was
acquired on 15 August 2008.
The balance was attributed to higher
gross revenue from Tampines Mall,
IMM, Plaza Singapura, Bugis Junction,
Sembawang Shopping Centre
(SSC) and Lot One Shoppers’
Mall (Lot One) mainly due to the
completion of AEI and partially offset
by decrease in gross revenue from
JCube as it has ceased operations
for AEI. On a comparable mall basis
(excluding SSC, JCube and Atrium),
gross revenue for FY 2009 was
S$18.0 million or 3.6% higher
than FY 2008.
Net Property Income
As a result of the higher gross
revenue, NPI of S$376.8 million
was S$35.7 million or 10.4% higher
than the S$341.1 million for FY 2008.
Similarly, this was mainly due to
Atrium which was acquired on
15 August 2008, SSC which
re-opened in late December 2008
and higher NPI from Tampines
Mall, IMM, Plaza Singapura, Bugis
Junction and Lot One mainly due
to the completion of AEI.
2012
Gross Revenue
Gross revenue for FY 2012 was
S$661.6 million, an increase of
S$31.0 million or 4.9% over
FY 2011. JCube, which re-opened
on 2 April 2012, accounted for
S$23.7 million of the increase
in gross revenue. Bugis+, acquired
on 1 April 2011 commenced
AEI in November 2011 and
completed its AEI in end-July
2012, accounted for S$8.4 million
of the increase in gross revenue.
The other properties, except for
Atrium and IMM Building (IMM),
accounted for another S$8.4 million
increase in gross revenue mainly
due to higher rental rates achieved
from new and renewed leases
and step-up rents. Atrium
recorded lower gross revenue
as it was undergoing AEI since
January 2011. Atrium’s AEI was
completed in end-October 2012
while IMM recorded lower gross
revenue as a result of the ongoing
AEI which started in May 2012.
Net Property Income
As a result of the higher gross
revenue, NPI of S$445.3 million
was S$27.1 million or 6.5% higher
than the S$418.2 million for the
FY ended 31 December 2011.
Similarly, this was mainly due to
JCube which re-opened on
2 April 2012 and Bugis+ which
was acquired on 1 April 2011
and completed its AEI in
end-July 2012.
Clarity 80 CapitaMall Trust Annual Report 2013