CapitaLand Commercial Trust's 2Q Result in Line; Largely Unfazed by New Supply Headwind
Narrow-moat CapitaLand Commercial Trust's second-quarter result reaffirms our long-term thesis on the trust. We retain our view that the trust's properties are largely unfazed by the new supply headwind; this is illustrated by the resilient occupancy level, albeit with a slight decline in rentals in the medium term. A 2.5% decline in rental income on the first quarter saw overall revenue decline 2.2%, with the vacation of Golden Shoe Car Park for redevelopment also contributing. With leases up f...CapitaCommercial Trust is a commercial real estate investment trust investing in properties predominantly used for commercial purposes. Through its subsidiary, Co. is engaged in the provision of treasury services, including lending to the Trust the proceeds from issuance of notes under an unsecured multicurrency medium term note program. As of Dec 31 2011, Co.'s portfolio comprised of nine properties including three office buildings, one prime office building, three mixed-use properties, one multi-story car park and an ongoing development for a new office tower, all of which are located in Singapore.
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