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Mapletree Commercial Trust posts 2.5% increase in Q2 DPU

Mapletree Commercial Trust on Wednesday posted a 2.5 per cent increase in distribution per unit (DPU) to 2.02 Singapore cents for the second quarter ended September 30, 2015.

Its gross revenue rose 1.9 per cent to S$71.3 million, and lower operating expenses helped net property income to rise 5.1 per cent to S$54.8 million.

The performance was driven by VivoCity, which saw gross revenue and net property income improve year on year on higher rental income from positive rental reversion and the effects of the rental step-ups in existing leases.

There was also a positive impact from the newly created Basement 1 retail space, the Reit manager said.

At the same time, shopper traffic and tenant sales at VivoCity also recovered in Q2, reversing declines in Q1.

Unitholders can expect to receive the distribution on December 4, 2015. The books closure date is October 29, 2015.