Page 9 - ar2013

Dear Unitholders,
CapitaMall Trust (CMT) delivered
an increase in distributions
to Unitholders in 2013 despite
a challenging global economy.
CMT’s distribution per unit
(DPU) for 2013 was 10.27 cents,
8.6% higher than the DPU
of 9.46 cents for 2012. This
translates to a distribution yield
of 5.4% based on CMT’s closing
price of S$1.905 per unit on
31 December 2013, which
was approximately 280 basis
points higher than the yield
for the 10-year Singapore
Government bond.
CMT’s gross revenue
grew 10.2% year-on-year to
S$729.2 million for the financial
year ended 31 December 2013,
while net property income
increased 12.9% compared
to 2012. The good performance
in 2013 was due to the full
year contributions from JCube,
which re-opened in April 2012,
and the completion of asset
enhancement works at Bugis+
in end-July 2012 and
The Atrium@Orchard in end-
October 2012. CMT also
achieved higher rentals on
new and renewed leases;
and higher rentals from gross
turnover. Westgate commenced
operations on 2 December 2013
and contributed S$1.3 million to
the gross revenue.
CMT has delivered consistent
and sustained performance
since its public listing in 2002.
We will continue to drive
sustainable growth for our
Unitholders through active
lease management, asset
enhancements, acquisitions
and exploring greenfield
developments. This strategy
has helped us to survive through
different economic cycles and
deliver long-term sustainable
performance for our Unitholders.
DELIVERING STEADFAST
OPERATIONAL
PERFORMANCE
The improved economic
conditions, healthy tourist
arrivals, low unemployment
and growing household
income have underpinned
consumer spending in
Singapore. Our malls continue
to draw interest from both
existing tenants and
new-to-market brands.
A total of 629 leases were
renewed with an increase of
6.3% over preceding rental
rates contracted three years
ago. CMT’s portfolio occupancy
rate was 98.5% as at
31 December 2013 – up from
98.2% a year ago, largely due to
the healthy take-up rate of the
space vacated by Carrefour at
Plaza Singapura and the new
space at The Atrium@Orchard,
Clarke Quay and IMM Building
after asset enhancements. The
occupancy figure would have
been higher at 99.7% if we
exclude Westgate which opened
on 2 December 2013.
REAPING BENEFITS FROM
ASSET ENHANCEMENTS
In 2013, we reaped the fruits
of asset enhancement works at
JCube, Bugis+ and The Atrium@
Orchard which were completed
in 2012. During the year,
we completed various asset
enhancement works at Clarke
Quay, Junction 8, IMM Building
S$729.2m
This was 10.2% higher
than the gross revenue
for 2012. DPU for 2013
was 10.27 cents, 8.6%
higher than the DPU of
9.46 cents for 2012.
Gross Revenue
98.5%
CMT’s portfolio
occupancy rate
was 98.5% as at
31 December 2013.
A total of 629 leases
were renewed with
an increase of 6.3%
over the preceding
rental rates contracted
three years ago.
Occupancy Rate
7