CapitaLand Commercial Trust's 3Q Result Resilient; Grade A Office Market Rentals Improve From Trough
Despite a busy second half so far for narrow-moat-rated CapitaLand Commercial Trust, there was little in the third-quarter result that would alter our long-term thesis on the trust. Distributable income for the third quarter was SGD 0.0236 per unit, with a small portion of the distribution supported by gains from the divestment of Wilkie Edge and a 50% stake in One George Street. There is no change to our full-year distributable forecast of SGD 0.09, and we reaffirm our fair value estimate of SG...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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