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.
New Leases and Renewals
Number of New
Leases/Renewals
in FY 2014
1
Variance Over
Preceding
Rental
2,3
%
CapitaMall Xizhimen
125
15.6
CapitaMall Wangjing
134
29.8
CapitaMall Grand Canyon
96
43.1
CapitaMall Qibao
88
10.9
CapitaMall Saihan
147
20.7
CapitaMall Wuhu
60
1.2
CRCT Portfolio
4
650
23.1
1 Excludes new leases at newly created lettable area, short-term renewals (< 1 year), units vacant for >= 1 year and
pre-terminated leases.
2 Excludes turnover rent component.
3 Majority of leases have rental escalation clauses.
4 Excludes CapitaMall Minzhongleyuan as the mall was closed temporarily from 1 July 2013 to 30 April 2014 for asset
enhancement initiative.
Weighted Average Lease Expiry by Mall
(As at 31 December 2014)
Weighted Expiry
(by Total Rental Income)
Weighted Expiry
(By Net Lettable Area
(NLA))
Years
Years
CapitaMall Xizhimen
5.4
2.8
CapitaMall Wangjing
7.5
3.5
CapitaMall Grand Canyon
8.5
4.6
CapitaMall Minzhongleyuan
1.5
1.4
CapitaMall Qibao
4.5
2.9
CapitaMall Saihan
6.6
3.3
CapitaMall Wuhu
4.2
2.8
CapitaMall Anzhen
10.6
10.6
CapitaMall Erqi
11.9
11.9
CapitaMall Shuangjing
9.0
8.5
CRCT Portfolio
9.0
6.7
Operations Review
48 | CapitaRetail China Trust Annual Report 2014
