CapitaLand Mall Trust's 3Q16 Result in Line; Occupancy Levels Steady but Rental Renewal Softens
Narrow moat-rated CapitaLand Mall Trust's third quarter was in line with expectations and reaffirmed our long-term thesis on the trust. We continue to believe the trust's assets are resilient despite the softening retail conditions, as its malls are mid-end focused underpinned by a high level of food and beverage offerings. This was reflected in year-to-date rental renewals of 1.3% and largely steady gross revenue of SGD 169.7 million against the last quarter. We reiterate the trust's assets are...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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