KUALA LUMPUR: Capitaland Malaysia Trust
’s (CLMT) net property income (NPI) increased by 24% to RM191.4 million for the first nine months ending Sept 30, 2024 (9M24), compared to the same period last year.
In a statement, CLMT said the growth was primarily driven by contributions from Queensbay Mall, acquired in March 2023, along with improved performance from CLMT’s retail portfolio and Valdor Logistics Hub.
CLMT achieved a 15.1% increase in distribution per unit to 3.43 sen in 9M24 compared to the same period last year. Its distributable income for the period also grew by 26.6% year-on-year (YoY) to RM97.6mil.
CapitaLand Malaysia REIT Management Sdn Bhd chief executive officer, Tan Choon Siang, stated that the company's focus on optimising its assets to enhance the resilience of CLMT's portfolio had continued to deliver income growth.
“Our strong YTD Sep 2024 NPI was underpinned by higher rental income, positive rental reversions and improved occupancy rates. These are the results of a well-curated tenancy mix and the timely rejuvenation of our assets.
“We proactively curate retail experience to ensure attractiveness to shoppers. The ongoing asset enhancement initiatives (AEI) at Gurney Plaza is on track to be completed by year-end and the mall will be ushering in new-to-market offerings and refreshed retail concepts. Meanwhile, 3 Damansara will be embarking on the next phase of AEI towards the end of 2024,” Tan said.
As at Sept 30, CLMT’s retail occupancy remained stable at 92.1%. Including its two fully leased logistics properties, its overall portfolio occupancy was 92.9%.
CLMT’s retail properties registered positive rental reversions of 8.9% YTD Sep 2024. Same-store shopper traffic increased by 5.7% YoY, while tenant sales per square foot grew 5.1% YoY.
CLMT has a debt headroom of RM820mil as at Sept 30, with a YTD average cost of debt of 4.52% and a gearing ratio of 42.1%. To mitigate exposure to interest rate movements, 85% of its total borrowings are at fixed interest rates.
