Mapletree Commercial Trust's Q3 DPU up on higher rental contributions

RETAIL landlord Mapletree Commercial Trust (MCT) on Wednesday posted a 1.3 per cent increase in income available for distribution to S$66.5 million for its third quarter ended Dec 31, 2017.

Distribution per unit (DPU) also rose to 2.3 Singapore cents, up from 2.28 Singapore cents a year ago. This will be paid on Feb 28; the books closure date is Feb 1.

Revenue for the quarter rose 0.8 per cent to S$109.7 million, while net property income rose 1.9 per cent to S$86 million, mainly due to higher contributions from VivoCity and Mapletree Business City I, thanks to step-up rents in their existing leases, as well as higher rental income following the completed renovations at VivoCity.

Revenue for PSA Building and Mapletree Anson fell slightly mainly due to lower occupancy in the quarter, despite step-up rents in existing leases as well.

The latest distribution brings the nine-month FY2018 DPU to 6.77 Singapore cents, a 6.4 per cent growth from the corresponding year-ago period.

Units of the trust added one Singapore cent to close at S$1.66 on Wednesday.