Daily news - 23 Jan

CapitaMall Trust DPU dips in Q4
CapitaMall Trust (CMT), Singapore's biggest property trust, said that distributable income for the fourth quarter fell 2.1 per cent as it faced higher finance costs. Distributable income for the three months ended Dec 31, 2008, was $61 million, down from $62.3 million in 2007. Distribution per unit (DPU) fell to 3.65 cents, from 3.82 cents in 2007. The trust is a unit of Singapore's largest property group, CapitaLand. Q4 net property income rose 11.1 per cent to $85.9 million, from $77.3 million in Q4 2007. Turnover was boosted by Atrium@Orchard, which CMT bought in August 2008, as well as higher revenue from new and renewed leases and from the completion of asset enhancement works. But finance costs rose 61.4 per cent to $30 million, causing a year-on- year drop in Q4 net income. The increased finance costs were partly due to the convertible bonds CMT issued to fund the Atrium acquisition. For the full 2008 financial year, distributable income rose 12.9 per cent to $238.4 million, up from $211.2 million in 2007. DPU rose to 14.29 cents from 13.34 cents.

MapletreeLog distributable income up 44% in Q4
Mapletree Logistics Trust (MapletreeLog) yesterday reported total distributable income of $28.3 million for the fourth quarter ended Dec 31, 2008, up 43.7 per cent from last year's corresponding period. But the distribution per unit (DPU) of 1.46 cents for the quarter was 18 per cent lower than Q4 2007's DPU of 1.78 cents. MapletreeLog attributed the drop to the full quarter impact from dilution following the rights issue completed in August last year. For the full year, DPU was 7.24 cents, 10.2 per cent higher than last year's 6.57 cents. Last year, Chua Tiow Chye, CEO of Mapletree Logistics Trust Management (MLTM), the Reit's manager, had said that the rights issue would leave MapletreeLog with a 'robust balance sheet' which would help make it 'well positioned to operate in the current more uncertain times'. Net property income for Q4 2008 rose by $9.8 million to $45.1 million. This was helped by a $12.1 million rise in gross revenue to $52.4 million due mainly to contributions from 11 new properties acquired during the year. There was also a $1.4 million fall in Q4 borrowing costs despite the enlarged portfolio. As at Dec 31, 2008, the trust's portfolio comprises 81 properties valued at $2.9 billion, including a $94.1 million revaluation gain. No new acquisitions have been planned for the near term.

Source: Kim Eng