Data as at 31 December 2018 (includes Sembawang Shopping Centre which has been divested on 18 June 2018).
Our tenants typically have three-year lease terms. The portfolio lease expiry profile remained evenly spread out as at 31 December 2018, with 28.4% and 27.3% of the leases by gross rental income due for renewal in 2019 and 2020 respectively. The portfolio weighted average lease expiry by gross rental income was 1.9 years. For new leases in 2018, the weighted average lease expiry based on the date of commencement of the leases was 2.4 years and accounted for 33.4% of the leases by gross rental income.
|Year||Number of Leases||% of Gross Rental Income2|
|2024 and beyond||16||1.6|
|Property||Number of Leases||% of Property NLA2||% of Property Rental Income3|
|Bugis Junction||96||53.1||43.9||Raffles City Singapore4||119||32.9||34.6|
|Lot One Shoppers' Mall||41||13.4||19.9|
CMT's gross rental income is well distributed within its portfolio of close to 2,800 leases. As at 31 December 2018, no single tenant contributed more than 3.5% of the total gross rental income. Collectively, the 10 largest tenants accounted for about 19.8% of the total gross rental income.
|Tenant||Trade Sector||% of Gross Rental Income2|
|RC Hotels (Pte.) Ltd.||Hotel||3.3|
|Temasek Holdings (Private) Limited||Office||2.9|
|Cold Storage Singapore (1983) Pte Ltd||Supermarket / Beauty & Health / Services / Warehouse||2.4|
|NTUC Enterprise||Supermarket / Beauty & Health / Services/ Food & Beverage||2.2|
|Robinson & Company (Singapore) Private Limited||Department Store / Beauty & Health||2.0|
|BHG (Singapore) Pte. Ltd.||Department Store||1.7|
|Wing Tai Retail Management Pte. Ltd.||Fashion / Sporting Goods / Shoes & Bags||1.5|
|Auric Pacific Group Limited||Food & Beverage||1.3|
|BreadTalk Group Limited||Food & Beverage||1.3|
|Isetan (Singapore) Limited||Department Store / Supermarket||1.2|
CMT's portfolio is well diversified and leverages on many different trade sectors for rental income. As at 31 December 2018, Food & Beverage (F&B) remained the largest contributor to gross rental income at 31.3% of the total portfolio. Fashion remained the second largest contributor to gross rental income at 12.3%.
Downtown and suburban malls contribute almost equally to CMT's gross revenue and asset valuation. Our portfolio has approximately 80% exposure to the necessity shopping segment which has shown resilience over the years.
Breakdown of CMT Portfolio1 by Trade Sector
(% of Gross Rental Income2)