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PETALING JAYA (April 22): CapitaLand Malaysia Trust (CLMT) recorded distributable income of RM45.77 million for the first quarter ended March 31, 2026, a 22.7% increase year-on-year (y-o-y), while distribution per unit (DPU) grew 6.3% y-o-y to 1.36 sen, according to its Bursa Malaysia announcement and press release today (April 22).
Gross revenue rose 5.8% y-o-y to RM127.4 million, while net property income (NPI) climbed 14.7% y-o-y to RM80.4 million, aided by lower property operating expenses, which fell 6.6% y-o-y, largely due to a reduction in utilities costs following a change in electricity tariff.
Industrial acquisitions the key growth driver
The stronger performance was primarily underpinned by income contributions from three industrial and logistics properties acquired in 2025 — Synergy Logistics Hub in Elmina Business Park, Sungai Buloh; Senai Airport City Facilities; and Iskandar Puteri Facilities within Nusajaya Tech Park in Johor — which collectively contributed RM4.77 million in gross revenue for the quarter with no prior-year equivalent.
East Coast Mall in Kuantan also emerged as a standout retail performer, with gross revenue rising to RM20.15 million from RM19.06 million a year ago.
CapitaLand Malaysia REIT Management Sdn Bhd CEO Yong Su-Lin, said: "CLMT registered a strong start to the year, with 1Q2026 results reflecting the quality and strength of our growing portfolio.
“This was underpinned by the completed acquisitions of seven industrial and logistics properties in 2025, which have meaningfully strengthened our asset base, and complemented by steady revenue growth across most of our retail assets.
“We are actively investing to enhance shoppers’ experience, from undertaking asset enhancement initiatives to driving ongoing leasing and tenant curation efforts that keep our malls fresh, relevant and competitive,” he added.
“These initiatives reflect our commitment to ensuring that our malls evolve alongside changing retailer and consumer needs.”
Overall portfolio occupancy stood at 94.7% as at March 31, 2026, with retail occupancy at 93.5%.
Properties outside the Klang Valley — Gurney Plaza, Queensbay Mall and East Coast Mall — each registered occupancy of at least 99%, while Klang Valley malls maintained rates above 82%.
Retail rental reversion came in at a robust 12.4% for the quarter, with shopper traffic up 7.1% y-o-y and tenant sales per sq ft edging up 0.4% y-o-y.
On the asset enhancement front, work is underway at The Mines in Seri Kembangan to upgrade spaces along the canal and introduce a marketplace on Level 1, slated for completion by end-2026.
Jaya Grocer is set to open its first CapitaLand mall outlet at The Mines in July 2026, following anchor supermarket refreshes at Sungei Wang Plaza (Cold Storage) and East Coast Mall (Aeon).
Capital management and forward pipeline
As at March 31, 2026, CLMT's gearing ratio stood at 39.3%, average cost of debt at 4.24% and average debt maturity at 4.4 years, with 72% of total borrowings on fixed interest rates.
Total assets stood at approximately RM5.6 billion. CLMT also has a forward purchase agreement for five high-specification industrial properties in Iskandar Malaysia, Johor, with construction on schedule and leasing discussions actively ongoing.
Gurney Plaza in Penang attained the Green Mark GoldPlus certification from Singapore's Building and Construction Authority in January 2026, raising the proportion of green-certified assets in CLMT's portfolio to approximately 68% by gross floor area.
Editor's note: Based on the unaudited quarterly financial report and press release filed by CapitaLand Malaysia Trust on Bursa Malaysia today (April 22). The 1Q2026 figures have not been audited. This article is for informational purposes only and does not constitute financial or investment advice.
