The manager of CapitaLand Commercial Trust (SGX:C61U) (CCT) announced on Wednesday that its final distributable income for the quarter ended 30 September (3Q2020) is S$77.5 million, 8.6% lower than 3Q 2019. Similarly, distribution per unit (DPU) for 3Q 2020 dropped 9.1% year-on-year.[1]
Year-to-date distributable income was S$206.9 million and DPU was 5.34 cents, lower by 17.3% and 19.1% year-on-year respectively. This translates to a DPU yield of 4.4% based on an annualised YTD 2020 DPU and CCT’s last closing price of S$1.65 on 16 October 2020.
Gross revenue for 3Q 2020 decreased by 8.7% to S$94.7 million, while net property income fell 9.9% to S$73.1 million year-on-year. The contributions from CCT’s properties in Germany (Main Airport Center and Gallileo) were unable to offset the reduced gross revenue from Singapore operating properties (except for CapitGreen) due to “asset enhancement works, lower occupancies, lower non-rental revenue and rental waivers granted to tenants in view of Covid-19”....
