Mapletree Commercial Trust grows its revenue and property income on lower rental rebates, lease termination compensation

MAPLETREE Commercial Trust N2IU : N2IU 0% 's gross revenue for the half-year of FY 2022 to September rose by 11.5 per cent, while its net property income improved 10.7 per cent, mainly due to lower rental rebates as well as compensation received from a pre-terminated lease.

The results filed by the trust's manager, Mapletree Commercial Trust Management, to the Singapore Exchange on Oct 27 indicated that distribution per unit (DPU) was up 5.3 per cent to 4.39 Singapore cents from 4.17 cents. Payment is scheduled for Nov 30.

Mapletree Commercial Trust's gross revenue stood at S$243.7 million for the half-year, up from S$218.7 million a year earlier. And net property income came in higher at S$189.9 million, up from S$171.5 million for the corresponding period of FY 2021, as all properties recorded a higher year-on-year contribution.

Its distributable income grew 18.7 per cent year on year to S$146.5 million from S$123.4 million.

Mapletree Commercial Trust Management noted that the trust had achieved portfolio rental reversion of 2.3 per cent for H1 FY2022, with committed occupancy at 96 per cent as at end September.

Mapletree Commercial Trust reported that its total investment value inched up to over S$8.7 billion, marginally higher by 0.5 per cent than that at Mar 31, resulting in a flat net asset value per unit of S$1.72.

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Mapletree Commercial Trust has its properties all in Singapore, four in HarbourFront and Alexandra, including the shopping mall VivoCity, and one in the central business district.

It added that its aggregate leverage was 33.7 per cent, with the average term to maturity of debt being 3.8 years, weighted average all-in cost of debt at 2.42 per cent per annum and the interest coverage ratio approximately 4.8 times on a 12-month trailing basis, as at end-September.

It said that it has 72.6 per cent of total debt of about S$3 billion on fixed rates, while no more than 24 per cent of debt is due in any financial year.

Mapletree Commercial Trust units closed at S$2.17, up by S$0.02 on Oct 27 before the financial results went public.