CapitaLand Mall Trust (SGX: C38U) is the largest retail real estate investment trust (REIT) listed in Singapore. The REIT owns a total of 15 malls including the recently-opened Funan, Plaza Singapura, and Bugis Junction. CapitaLand Mall Trust also owns 11.2% of another Singapore-listed REIT, CapitaLand Retail China Trust (SGX: AU8U).
Yesterday, CapitaLand Mall Trust announced the financial results for its third quarter ended 30 September 2019. Overall business was boosted by contributions from Funan and Westgate. Let’s find out more.
1. Growth In Gross Revenue And Distributions
CapitaLand Mall Trust saw the first full contribution from Funan after it opened its doors on 28 June 2019. This, coupled with a 100% contribution of Westgate, led to a 17.9% year-on-year surge in gross revenue to S$201.1 million. The REIT acquired the balance 70% of Westgate in November 2018.
During the quarter, gross revenue contribution from Westgate and Funan was S$18.8 million and S$12.5 million, respectively. Lower income from Lot One Shoppers’ Mall, which is currently undergoing