REIT Financial News - 21 APR 2010: Quarterly Earnings Report for CMT

First quarter 2010 results for CMT:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU of 2.231 cents for 1Q 2010. This is 13.2% higher than the DPU of 1.97 cents for the same period in 2009.
• First quarter distributable income rose 13.6 per cent on-year to S$71.1 million dollars
• Net property income gained 5.7 per cent to S$97.6 million dollars.
• Secured the approval of close to 100% of the Unitholders who voted for the acquisition of Clarke Quay at the recent EGM. Upon completion of the yield-accretive acquisition, it will enlarge CMT’s asset size to approximately S$7.8 billion from S$7.5 billion as at 31 March 2010. 
• Asset enhancement works at Jurong Entertainment Centre began in 4Q 2009. The new larger mall is on track to be completed in early 2012.
• Construction of a new 2-storey food and beverage annex block in Junction 8 which will bring in a net lettable area of about 3,500 square feet. 
• Will reconfigure some retail units and relocate an existing taxi stand in Tampines Mall.

Author's Note
The DPU of 2.231 cents will XD on 27 Apr 2010, and will be paid on 27 May 2010.

The DPU was 2.4 cents in the previous quarter.