CapitaLand Mall Trust Posts Soft 1Q Result; Rental Revisions in Reverse
CapitaLand Mall Trust reported a soft first-quarter fiscal 2017 result. The closure of Funan mall for redevelopment resulted in a 4.3% decline in revenue against first quarter last year to SGD 172 million, while net property income fell 6.1% to SGD 120.1 million. On an underlying basis excluding Funan, both revenue and net property income were flat. Rental increases have slowed for the past two years and this was the first quarter in the current downturn where rental revisions for the portfolio ...CapitaLand Mall Trust is a real estate investment trust. Co. owns and invests in assets, which are used, or predominantly used, for retail purposes primarily in Singapore. Co.'s portfolio is comprised of 16 shopping centers, which include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Hougang Plaza, Lot One Shoppers' Mall, Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Iluma, and Raffles City Singapore. All of Co.'s shopping centers are located in Singapore.
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