KUALA LUMPUR (Jan 22): CapitaLand Malaysia Trust (KL:CLMT) posted a 15% year-on-year increase in its fourth quarter net property income (NPI) on higher revenue contribution from the majority of CLMT’s properties, supported by stronger retail sentiment.
The NPI for the quarter ended Dec 31, 2024 (4QFY2024) rose to RM72.49 million from RM63.02 million, while gross revenue grew 10.6% to RM119.98 million from RM108.51 million, according to CLMT's bourse filing. The gross revenue was higher due to positive rental reversions and higher occupancies.
Distributable income went up 7.7% year-on-year to RM35.22 million from RM32.69 million. The real estate investment trust (REIT) announced a distribution of 1.22 sen per unit, up from 1.19 from last year, raising its full year distribution per unit (DPU) to 4.65 sen, up 11.5% from 4.17 sen in FY2023.
The annualised dividend yield for CLMT is 6.9%, based on its last traded unit price of 67.5 sen.
For the full year, the REIT’s NPI rose 21.4% to a record high of RM263.93 million compared with RM217.41 million in FY2023, while gross revenue grew 15% to RM454.76 million from RM395.39 million. Correspondingly, distributable income rose 21% to RM132.84 million from RM109.83 million.
In FY2024, CLMT’s retail properties registered positive rental reversions of 11.3%, where same-store shopper traffic increased 4.7% year-on-year, and tenant sales per square foot grew 4.2%.
CEO Tan Choon Siang attributed the strong financial returns to CLMT’s proactive asset and capital management. He noted ongoing efforts to optimise the portfolio while pursuing growth opportunities with financial discipline.
“The completion of the asset enhancement initiatives at Gurney Plaza is expected to contribute positively to CLMT’s performance this year,” Tan noted.
The new acquisitions of industrial and logistics assets, totalling over RM200 million, are anticipated to be completed in the second half of 2025, and these assets are expected to further bolster CLMT's income resilience, he added.
As at Dec 31, CLMT's retail occupancy stood at 92%. Including its two fully-leased logistics properties, the REIT's overall portfolio occupancy stood at 92.8%.
According to appraisals conducted by independent valuers, CLMT's property valuation rose by 2.4%, reaching RM5.13 billion as of Dec 31, 2024, up from RM5 billion a year earlier.
The rise in property value contributed to a reduction in CLMT's gearing ratio to 41.3% from 42.4% a year ago.
CLMT’s share price closed one sen or 1.5% higher at 67.5 sen on Wednesday, giving the REIT a market capitalisation of RM1.94 billion.