CapitaLand Commercial Trust announced unaudited group and trust earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, on group basis, the company reported gross rental income of SGD 81,944,000 against SGD 82,892,000 a year ago. Gross revenue was SGD 86,292,000 against SGD 89,726,000 a year ago. Net property income was SGD 67,955,000 against SGD 70,770,000 a year ago. Net income before share of profit of joint ventures was SGD 45,938,000 against SGD 48,403,000 a year ago. Net income was SGD 61,502,000 against SGD 55,806,000 a year ago. Total return for the period before tax was SGD 37,036,000 against SGD 74,334,000 a year ago. Total return for the period after tax was SGD 33,860,000 against SGD 73,502,000 a year ago. Net cash from operating activities was SGD 111,466,000 against SGD 91,355,000 a year ago. Capital expenditure on investment properties was SGD 877,000 against SGD 14,874,000 a year ago. Purchase of plant and equipment was SGD 2,000 against SGD 2,000 a year ago. Diluted earnings per unit were 0.98 cents against 2.37 cents a year ago. The decrease was in gross revenue was mainly due to divestments of One George Street, Wilkie Edge and Golden Shoe Car Park. The decrease was mitigated by higher revenue contribution from MSO Trust as well as consolidation of AST2's gross revenue (with effect from 1 November 2017). Interest income was SGD 1,469,000 against SGD 235,000 a year ago.

For the quarter, on trust basis, the company reported gross rental income of SGD 44,976,000 against SGD 61,836,000 a year ago. Gross revenue was SGD 47,702,000 against SGD 68,091,000 a year ago. Net property income was SGD 37,801,000 against SGD 52,769,000 a year ago. Net income before share of profit of joint ventures was SGD 64,296,000 against SGD 73,031,000 a year ago. Net income was SGD 64,296,000 against SGD 73,031,000 a year ago. Total return for the period before tax was SGD 62,652,000 against SGD 88,540,000 a year ago. Total return for the period after tax was SGD 62,629,000 against SGD 88,292,000 a year ago. Diluted earnings per unit were 1.80 cents against 2.84 cents a year ago. Interest income was SGD 8,064,000 against SGD 3,686,000 a year ago.

For the year, on group basis, the company reported gross rental income of SGD 314,376,000 against SGD 273,837,000 a year ago. Gross revenue was SGD 337,457,000 against SGD 298,577,000 a year ago. Net property income was SGD 265,468,000 against SGD 231,277,000 a year ago. Net income before share of profit of joint ventures was SGD 179,978,000 against SGD 160,440,000 a year ago. Net income was SGD 264,861,000 against SGD 246,153,000 a year ago. Total return for the period before tax was SGD 582,515,000 against SGD 261,846,000 a year ago. Total return for the period after tax was SGD 578,827,000 against SGD 260,623,000 a year ago. Net cash generated from operating activities was SGD 250,790,000 against SGD 203,076,000 a year ago. Capital expenditure on investment properties was SGD 5,017,000 against SGD 17,108,000 a year ago. Purchase of plant and equipment was SGD 263,000 against SGD 199,000 a year ago. Diluted earnings per unit were 18.51 cents against 8.45 cents a year ago. Net asset value per unit as on December 31, 2017 was SGD 1.78 against SGD 1.78 as on December 31, 2016. Adjusted net asset value per unit as on December 31, 2017 was SGD 1.74 against SGD 1.73 as on December 31, 2016. The increase in gross revenue was primary due to consolidation of MSO Trust's gross revenue as well as contribution from AST2 with effect from 1 November 2017. The increase was offset partially by loss in gross revenue due to the divestments. Interest income was SGD 3,007,000 against SGD 3,911,000 a year ago.

For the year, on trust basis, the company reported gross rental income of SGD 213,532,000 against SGD 246,116,000 a year ago. Gross revenue was SGD 231,750,000 against SGD 269,949,000 a year ago. Net property income was SGD 182,405,000 against SGD 207,927,000 a year ago. Net income before share of profit of joint ventures was SGD 288,852,000 against SGD 255,728,000 a year ago. Net income was SGD 288,852,000 against SGD 255,728,000 a year ago. Total return for the period before tax was SGD 614,483,000 against SGD 270,964,000 a year ago. Total return for the period after tax was SGD 613,950,000 against SGD 270,255,000 a year ago. Diluted earnings per unit were 19.63 cents against 8.75 cents a year ago. Net asset value per unit as on December 31, 2017 was SGD 1.66 against SGD 1.62 as on December 31, 2016. Adjusted net asset value per unit as on December 31, 2017 was SGD 1.62 against SGD 1.57 as on December 31, 2016. Interest income was SGD 19,867,000 against SGD 8,416,000 a year ago.

The company expects lower net property income in fiscal 2018 at some CCT properties given the flow through from negative rent reversions of leases committed in 2017 into 2018 and that rents of leases expiring in 2018 are higher than current market rent. However, CCT will leverage on rising market rents to close the gap between signing and committed rents.