Page 52 - ar2013

50 Clarity CapitaRetail China Trust Annual Report 2013
Operations
Review
NEW LEASES AND RENEWALS
Number of
New Leases/
Renewals in
FY 2013 1
Variance
Over
Preceding
Rental
%
2,3
CapitaMall Xizhimen 145 12.2
CapitaMall Wangjing 130 22.6
CapitaMall Qibao 88 6.4
CapitaMall Saihan 106 13.2
CapitaMall Wuhu 95 (1.1) 4
CRCT Portfolio 5 564 13.8
1 Excluding new leases at newly created lettable area.
2 Excluding turnover rent component.
3 Majority of leases have rental escalation clauses.
4 Mainly due to new tenants at Level one rented at lower fixed rate compared to preceding rent. CRCT’s stake in CapitaMall Wuhu is 51%.
5 CapitaMall Grand Canyon was excluded as acquisition was completed on 30 December 2013. CapitaMall Minzhongleyuan was excluded as it is
undergoing asset enhancement works.
WEIGHTED AVERAGE LEASE EXPIRY BY MALL
As at 31 December 2013
Weighted
Expiry
(by Total Rental Income)
Years
Weighted
Expiry
(by GRA)
Years
CapitaMall Xizhimen 2.8 5.3
CapitaMall Wangjing 3.5 7.6
CapitaMall Grand Canyon 3.5 9.2
CapitaMall Qibao 3.1 5.1
CapitaMall Saihan 3.7 6.9
CapitaMall Wuhu 2.9 5.1
CapitaMall Anzhen 11.6 11.6
CapitaMall Erqi 12.9 12.9
CapitaMall Shuangjing 9.3 9.9
CRCT Portfolio 1 4.8 8.3
1 CapitaMall Minzhongleyuan is excluded as it is undergoing asset enhancement works.
LEASE EXPIRY PROFILE
CapitaMall Anzhen, CapitaMall Erqi and the majority of the Gross Rentable Area (GRA) of CapitaMall Shuangjing are
let out under master leases. The master leases are long-term with a typical tenure of 20 years, which help to ensure
stable cash flows. For tenants which are not under master leases, the typical lease term is 15 to 20 years for anchor
tenants, five to seven years for mini-anchor tenants and up to three years for specialty tenants.