CapitaLand Malaysia Trust announces income distribution of 2.29c/unit for 2H24


KUALA LUMPUR: Capitaland Malaysia Trust (CLMT) proposed an income distribution of 2.29 sen per unit for the period of July 1, 2024 to Dec 31, 2024.

For the full year (FY24), the real estate investment trust (REIT) announced a 11.5% year-on-year (y-o-y) increase in its distribution per unit (DPU) to 4.65 sen following a jump in distributable income.

CLMT said its distributable income in FY24 rose to RM132.84mil while its net property income (NPI) rose 21.4% y-o-y to RM263.93mil, its highest since it was listed in 2010.

According to the REIT, its resilient performance was mainly driven by full-year contribution from Queensbay Mall and higher revenue from its existing properties.

"This contributed to a 2.4% increase in the total valuation of CLMT’s eight properties, bringing the value to RM5.1bil as at Dec 31, 2024, as appraised by independent valuers," it said in a statement.

During the year, CLMT's net profit was RM187.16mil on revenue of RM454.76mil, up from RM163.66mil and revenue of RM395.39mil in the prior year.

In the fourth quarter of the financial year alone (4QFY24), CLMT's net property income rose 15% y-o-y to RM72.49mil due to higher revenue contributions from the majority of CLMT’s properties, supported by stronger retail sentiment.

4QFY24 distributable income increased 7.7% yo-y to RM35.22mil.

Capital Malaysia REIT Management Sdn Bhd CEO Tan Choon Siang said its portfolio continued to perform well with occupancy exceeding 90% and most of its retail properties achieving positive rental reversions.

"Tenant sales per square foot (sq ft) and shopper traffic also maintained their upward momentum in FY 2024, underscoring the resilience and appeal of our assets.

"Additionally, the completion of the asset enhancement initiatives at Gurney Plaza is expected to contribute positively to CLMT’s performance this year," he added.

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