CapitaMall Trust to offer bumper payout

July 18, 2008
CapitaMall Trust to offer bumper payout

UNITHOLDERS of CapitaMall Trust (CMT) will receive a bumper payout
for the second quarter, with distributable income up 20 per cent to
$58.6 million from last year.

The trust will pay out 3.52 cents per unit for the three months ended
June 30, compared with 3.12 cents per unit last year.

CMT said its portfolio performed better than forecast, mainly due to
stronger rentals achieved on new and renewed leases.

Consultant Jones Lang LaSalle and CapitaLand Research also project
CMT's rental rates to increase between 16.1 and 17.5 per cent by
2012.

This is despite record inflation threatening a further decline in
retail spending and rising operating costs for retailers.

CMT, listed in 2002, is the first real estate investment trust (Reit)
to report its second-quarter results. With a current asset value of
$7.2 billion, it is the largest Reit in both asset size and market
capitalisation in Singapore.

It is also on track to reach its target asset value of $9 billion by
2010 through new acquisitions and enhancements to its current pool of
shopping malls.

'Asset enhancement has grown to become a key contributor to CMT's
distribution per unit and net asset value growth,' Mr Pua Seck Guan,
the chief executive of the Reit's manager, said yesterday.

Upgrades to enhance its retail malls are expected to continue into
2010.

In May, CMT said it would pay the Government $840 million for The
Atrium@Orchard. It said the integration with the adjacent Plaza
Singapura would require an additional $150.1 million in capital
expenditure.

CMT units rose 3 cents to $3.07 yesterday.