CapitaCommercial Trust's occupancy slipped to 95.3%

No thanks to sharp drop in one asset.

According to CIMB, they expect flat DPU in FY13 as positive rental reversions and interest cost savings are eroded by the fall-off in yield support and downtime from back-filling.

1Q13 DPU grew 3% yoy but dipped 4.5% qoq. Management has retained S$2.7m of tax-exempt income (including S$0.9m from RCS Trust, which will be paid out in the remaining quarters).

Here's more from CIMB:

While the portfolio continued to see positive rental reversions, occupancy dipped to 95.3% from 97.2% due mainly to a sharp drop in occupancy at Capital Tower (-10% pts to 90%) with the departure of Cisco, offset by some back-filling.

At One George Street, occupancy crept up to 94.4% from 92.5% before Wong Partnership’s departure.

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