Saturday, 16 September 2017

CapitaLand Retail China Trust (CRCT) Q2FY17

Key Item from the announcement
  1. Disposal of CapitaMall Anzhen
    1. Net gain of $31.5 million
    2. Loss of Net Property Income around $14 million
    3. Loss of Income from the reclaim of 4th floor from BHG in CapitaMall Wangjing until it start contribute income in Q2FY18
    4. Loss of Income due to this disposal will be supported by the gain?
  2.  CapitaMall Minzhongleyuan rental catching up from the negative for past 2 years. Rental reversion for Q1FY17 was 35.1% and Q2FY17 64.4%, will it go back to its previous glory where it was ever contribute about $5.2 million or will ever go higher which can support some of the loss of income from CapitaMall Anzhen at least by 1/2
  3. Overall rental reversion is positive (average Q1FY17 was 3.6% and Q2FY17 was 7.1%)
  4. Occupancy rate relatively stable at 96.2% however in Q3 expect to be drop due to Point 1
  5. Average WALE 4.9 Years
  6. Debt, secured the refinancing $375 million that due in Sep and Dec 17 however lack of the new due date.