CapitaLand China Trust (CLCT) has reported distribution per unit (DPU) of 2.33 cents for its 2HFY2025 ended Dec 31, 2025, down 11.7% y-o-y. This brings its payout for the whole of FY2025 to 4.82 cents, down from 5.65 cents in FY2024.
Net property income in 2HFY2025 dropped to $94.4 million from $108.6 million while 2HFY2025 gross revenue was down 14.3% to $144.5 million.
The lower numbers can be attributed to the absence of contribution from CapitaMall Yuhuating, which has been sold to Shanghai-listed CapitaLand Commercial C-REIT (CLCR).
In addition, there was also downtime from asset enhancement initiatives (AEI) at four retail malls as well as lower occupancy and rents at assets such as CapitaMall Xinnan, CapitaMall Grand Canyon, CapitaMall Wangjing and Ascendas Innovation Towers. The Singapore-Hangzhou Science Technology Park Phase II saw lower occupancy too.
On the other hand, CLCT managed to lower costs, which helped offset the revenue drop.
Gerry Chan, CEO of the manager, calls the FY2025 performance "credible" amid the challenging operating environment in China.
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He notes that occupancy rates across CLCT's retail, business and logistics park portfolios increased quarter-on-quarter through its active asset management and tenant engagement.
"We continue to elevate the quality of our retail assets with targeted AEIs and customer-centric offerings to drive long-term income growth, as well as using proactive leasing strategies to maintain high occupancies for our business and logistics parks," says Chan.
He adds that with the sale of CapitaMall Yuhuating to the newly listed C-REIT platform, CLCT will actively source for new investments to reconstitute its portfolio, and also evaluate further capital recycling opportunities.
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In the interim, CLCT will provide a one-off top-up for 2HFY2025 distribution from past divestment gains to make up for the income loss from the divestment, he adds.
As of Dec 31, 2025, CLCT's portfolio is valued at RMB23 billion, down 0.8% y-o-y. The REIT says this is mainly due to pressure on occupancy and rents for smaller retail assets, and near-term supply-demand imbalances for business and logistics parks.
As at Dec 31, 2025, CLCT’s gearing was 40.7%.
To mitigate interest rate fluctuations, 68% of its total debt is secured on fixed interest rates.
CLCT units closed at 79 cents on Feb 4.
