CapitaRetail China : Financial Statements And Related Announcement :: First Quarter Results

Distribution per unit (DPU) for 1Q 2014 was 2.40 cents, an increase of 3.9% from a year ago. On a quarter-on-quarter basis, DPU for 1Q 2014 grew 9.1% over 4Q 2013, as CapitaMall Grand Canyon made its first full quarter contribution. Based on an annualised DPU of 9.73 cents and CRCT's closing price of S$1.46 per unit on 23 April 2014, the annualised distribution yield for 1Q 2014 was 6.7%.
Mr Victor Liew, Chairman of CRCTML, said, "China's economy is well-positioned for sustainable growth over the long term. The country's retail sales are expected to grow 14.5% this year as the Chinese government steers the economy towards consumption-led growth. Our malls are in a strong position to capitalise on the expected rise in domestic consumption."
Mr Tony Tan, CEO of CRCTML, said, "For the first quarter of 2014, our portfolio of malls achieved robust growth of 25.0% in net property income (NPI), supported by a healthy rental reversion of 23.0%1 at our multi-tenanted malls. Tenants' sales at our multi-tenanted malls increased 13.9%2 year-on-year, while shopper traffic grew 7.3%2."
"The better performance this quarter was due to strong organic growth from existing assets, which grew by 14.9%2 in NPI, and contributions from newly acquired CapitaMall Grand Canyon. As at 31 March 2014, CapitaMall Grand Canyon's occupancy was 99.8%, an improvement over the 95.9% as at 31 December 2013. New tenants included popular sports
brands such as Li Ning and Top Sports, and well-known restaurants such as Nanjing
Impressions and Childhood Villas. We will continue to strengthen the mall's tenancy mix."

1 Excluding CapitaMall Minzhongleyuan, as it is undergoing asset enhancement.

2 Excluding CapitaMall Minzhongleyuan, as it is undergoing asset enhancement; and CapitaMall Grand Canyon, which was acquired on 30 December 2013.

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"Asset enhancement works for CapitaMall Minzhongleyuan are near completion. To date, we have secured or are in advanced negotiations for leasing commitments accounting for about 90.0% of the mall's total net lettable area. The mall's scheduled reopening in the second quarter of this year is expected to provide an additional uplift to our future earnings."

In RMB terms

Gross revenue increased by RMB31.0 million, or 15.5%, compared to 1Q 2013. This was mainly due to the full quarter contribution from CapitaMall Grand Canyon and higher rental growth at the multi-tenanted malls, which was partially offset by the absence of contribution from CapitaMall Minzhongleyuan, which has been closed for asset enhancement since July
2013.
NPI was RMB155.6 million, 17.9% higher than 1Q 2013.

In SGD terms

Gross revenue for 1Q 2014 increased 22.4% year-on-year to S$48.1 million and NPI rose
25.0% year-on-year to S$32.3 million. This was mainly due to a stronger RMB against SGD
in 1Q 2014 compared to 1Q 2013.

3 Including CapitaMall Grand Canyon, which was acquired on 30 December 2013.

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CRCT is the first and only China shopping mall Real Estate Investment Trust (REIT) in Singapore, with a portfolio of 10 income-producing shopping malls. Listed on the Singapore Exchange Securities Trading Limited on 8 December 2006, it is established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau.
The geographically diversified portfolio of quality shopping malls is located in six of China's cities. The properties are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon, CapitaMall Shuangjing and CapitaMall Anzhen in Beijing; CapitaMall Qibao in Shanghai; CapitaMall Erqi in Zhengzhou, Henan Province; CapitaMall Saihan in Huhhot, Inner Mongolia; CapitaMall Wuhu in Wuhu, Anhui Province; and CapitaMall Minzhongleyuan in Wuhan, Hubei Province. As at 31 March 2014, the total asset size of CRCT is approximately S$2.2 billion.
All the malls in the portfolio are positioned as one-stop family-oriented shopping, dining and entertainment destinations for the sizeable population catchment areas in which they are located, and are accessible via major transportation routes or access points. A significant portion of the properties' tenancies consists of major international and domestic retailers such as Wal-Mart, Carrefour and Beijing Hualian Group under master leases or long-term leases, which provide unitholders with stable and sustainable returns. The anchor tenants are complemented by popular specialty brands such as Vero Moda, ZARA, Sephora, UNIQLO, Watsons, KFC, Pizza Hut and BreadTalk.
CRCT is managed by an external manager, CRCTML, which is an indirect wholly-owned subsidiary of CapitaMalls Asia Limited, one of Asia's largest listed shopping mall developers, owners and managers.

(Company Registration No. 200611176D)

Ms Leng Tong Yan Mr Lim Seng Jin
Investor Relations Corporate Communications
DID: (65) 6826 5469 DID: (65) 6826 5778
Email: leng.tongyan@capitaland.comEmail: lim.sengjin@capitaland.com

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This release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.

The information contained in this release has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Neither CapitaRetail China Trust Management Limited (the "Manager") or any of its affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, whether directly or indirectly, from any use, reliance or distribution of this release or its contents or otherwise arising in connection with this release.

The past performance of CapitaRetail China Trust ("CRCT") is not indicative of the future performance of CRCT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager.

The value of units in CRCT ("Units") and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested.

Investors have no right to request that the Manager redeem or purchase their Units while the Units are listed. It is intended that holders of Units ("Unitholders") may only deal in their Units through trading on Singapore Exchange Securities Trading Limited (the "SGX-ST"). Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This release is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units.

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