CapitaLand Commercial Trust's Second-Quarter Result Softer as Expected; No Change to Fair Value
CapitaLand Commercial Trust's second quarter was softer as expected. Gross revenue grew 1% against the first quarter with higher carpark revenue offsetting softer rental income, while higher leasing commission resulted in net property income declining 1.11% to SGD 51.4 million. The softer rental income was due to a slight decline in occupancy but the overall portfolio remains resilient at 97.2%. The trust did register a SGD 8.9 million mark to market loss of its 17.7% stake in its listed Malaysi...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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