CapitaMall Trust (CMT) is Singapore’s first and largest Real Estate Investment Trust (REIT). Here’s a quick glance at what’s going on at CMT for those who can’t be bothered to pore through their press releases.
Quarterly Distribution Per Unit 2013 4th Quarter
See SGX.com > Company Disclosure > Corporate Action for Dividends History. Looking at the DPU, it has increased yet again and has continued its upward trend.
Feb 2014 – SGD 0.0272
Nov 2013 – SGD 0.0256
Aug 2013 – SGD 0.0253
May 2013 – SGD 0.0240
Feb 2013 – SGD 0.0236 (0.0081 + 0.0155)
Nov 2012 – SGD 0.0242
Aug 2012 – SGD 0.0238
May 2012 – SGD 0.0230
Feb 2012 – SGD 0.0230 (0.0003 + 0.0125 + 0.000.3 + 0.0099)
Debt Maturity Profile
Below is how CMT’s debt maturity profile looked like – the slides were obtained from Morgan Stanley Asia Pacific Summit in November 2013.
As you can see, there is a ton of debt that is due in 2014 and 2015. CMT hasn’t been sitting on it, though. That’s why it is called proactive capital management, eh? Since then, CMT has taken on roughly S$280 Million worth of debt that is due either in 2020 or 2021, years where no debt is due. The cash will help to fulfill CMT’s upcoming debt obligations.
Feb 10, 2014 (Updated) –
CapitaMall Trust launches retail bond offering of up to S$350 Million, paying 3.08% per year, maturity 2021.
Feb 03, 2014 –
Issuance Of ¥5 Billion In Aggregate Principal Amount Of Floating Rate Notes Due 3 February 2021 Pursuant To The S$2.5 Billion Multicurrency Medium Term Note Programme
Dec 18, 2013 –
Issuance Of S$100 Million In Aggregate Principal Amount Of Fixed Rate Notes Due 18 December 2020 Pursuant To The S$2.5 Billion Multicurrency Medium Term Note Programme
Nov 13, 2013 –
Issuance Of ¥10 Billion In Aggregate Principal Amount Of Fixed Rate Notes Due 13 November 2020 Pursuant To The S$2.5 Billion Multicurrency Medium Term Note Programme
Sale of Office Strata Units In Westgate Tower
CMT holds a 30% stake in the integrated Westgate development – shopping mall and office tower.
The sale was confirmed on Jan 23, 2014. Previously, CapitaLand, CapitaMalls Asia and CapitaMall Trust have signed an option to sell Westgate Tower For S$579.4 Million. CMT is expected to recognise a net gain of approximately S$45.0 million. While the Sale is not expected to have any material impact on the distributions or net asset value per unit of the CMT Group for the financial year ending 31 December 2014, the cash will come in handy for fulfilling its significant debt obligations due in 2014, 2015 and 2016.
Of course, Westgate (shopping mall) remains under CMT’s care and it has opened its doors to shoppers on 2nd December 2013.
Upcoming Asset Enhancement Initiatives 2014/2015
Bugis Junction (1Q 2014 to 3Q 2014)
Couple of changes are going to be made to Bugis Junction. Revision of lease lines at Basement 1 to improve line-of-sight to/from the MRT escalator, plus further recovery of anchor space from BHG level 1 and converting recovered space to specialty shops. Lastly, straightening corridors at Levels 2 and 3 to improve visibility.
Tampines Mall (1Q 2014 to 4Q 2015)
In addition, there is proposed AEI to Tampines Mall to commence in 1Q 2014. The AEI involves converting Level 5 roof area into new lettable area to house enrichment schools and educational tenants, and reconfiguring Level 2 and 3 to enhance the fashion offerings. The projected capital expenditure for this initiative is S$36.0 million with an expected return on investment of 8.0%. There will also be additional enhancement works to rejuvenate the mall, including a new facade and an upgraded covered walkway to connect the mall to Tampines MRT station. The asset enhancement works are expected to be completed in 4Q 2015.
Overall, more KECHING is to be expected.
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