Retail subsector's overall income jumped 14.6%

DPU also grew 9.6%.

According to OCBC, local retail landlords ended 2Q13 on a positive note, with the majority benefitting from higher secured rents and occupancy rates following the completion of asset enhancement initiatives (AEIs) at several of their portfolio assets.

On the whole, the subsector turned in a 14.6% YoY growth in aggregate NPI and 9.6% YoY growth in DPU.

Here's more from OCBC:

The results were mostly in line with our expectations, except for CapitaMall Trust (CMT) which exceeded our forecasts on strongerthan-expected rental reversions.

As we have previously expected, the subsector average occupancy rate improved QoQ in 2Q13 on the back of active leasing efforts by the REIT managers.

As of 30 Jun, the subsector average lease to expiry stood at 3.2 years, unchanged from that seen a quarter ago. In addition, positive rental reversions ranging from 6.4% to as high as 42.8% were achieved across the local retail REITs upon renewal – a reflection of continued strong demand in our view.

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