CapitaLand China Trust H2 DPU down 11.7% at S$0.0233 on lower retail, business park revenue
[SINGAPORE] The manager of CapitaLand China Trust (CLCT) on Thursday (Feb 5) posted a distribution per unit (DPU) of S$0.0233 for the second half ended Dec 31, 2025, down 11.7 per cent from S$0.0264 in the year-ago period.
Its full-year DPU of S$0.0482 was 14.7 per cent lower on the year from a DPU of S$0.0565 previously, translating to an implied yield of 6.2 per cent, based on the closing price of S$0.775 on Dec 31.
The declines were due to lower performance from the retail and business park segments alongside a weaker renminbi against the Singapore dollar. But these were partly offset by lower finance costs and management fees as well as higher realised foreign exchange gain, the manager of the China-focused real estate investment trust (Reit) said.
For the six months, revenue fell 14.3 per cent year on year to S$144.5 million, from S$168.5 million. Full-year revenue fell 11.1 per cent to S$303.7 million, from S$341.5 million.
The retail and business park segments logged revenue declines, while the logistics park segment’s revenue increased.
Net property income (NPI) for the second half decreased 13.1 per cent to S$94.4 million, from S$108.6 million in the previous corresponding period. NPI for FY2025 was down 11.3 per cent on the year at S$200.9 million, from S$226.6 million.
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This was driven by a drop in revenue and the absence of contributions from CapitaMall Yuhuating, said the manager. This was partially offset by a 4.3 per cent year-on-year cost reduction, on a same-store basis.
For H2, distributable income fell 11 per cent to S$40.5 million, from S$45.5 million in H2 2024. Distributable income for the full year stood at S$83.9 million, a 13.3 per cent decline from S$96.8 million.
The distribution will be paid on Mar 27 after the record date of Feb 13.
In terms of capital management, the Reit’s total debt stood at S$1.7 billion as at Dec 31, down from S$1.9 billion in the year-ago period.
Its had an aggregate leverage of 40.7 per cent as at end-December 2025, compared with 41.9 per cent as at end-December 2024.
Its average cost of debt was 3.3 per cent as at end-2025, and its interest coverage ratio was 2.8 times. Its borrowings had an average term to maturity of 3.5 years.
Units of CLCT ended Wednesday flat at S$0.785.
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