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Mapletree Commercial Trust maintains Q1 payout of 2.23 Singapore cents

MAPLETREE Commercial Trust (MCT) on Thursday announced it will maintain its payout of 2.23 Singapore cents in its fiscal first quarter of 2018, unchanged from the same period a year ago.

Income available for distribution in the same period inched up 0.4 per cent to S$64.61 million, while net property income (NPI) for the three months ended June 30 rose 2.1 per cent to S$85.94 million, driven by higher contribution from VivoCity, Bank of America Merrill Lynch HarbourFront, PSA Building and Mapletree Business City.

Mapletree Anson's revenue was S$0.1 million lower, mainly due to lower occupancy in the first quarter, which was partly offset by effects of the step-up rents in existing leases and compensation sums received, MCT said.

The real estate investment trust (Reit) clocked 0.7 per cent higher gross revenue of S$108.53 million.

Property operating expenses came in 4.2 per cent lower at S$22.6 million compared to the corresponding year-ago period, mainly due to lower utilities and property maintenance expenses, as well as lower marketing and promotion costs.

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Meanwhile, the Reit announced a 2.1 per cent rise in overall portfolio NPI in Q1 with an NPI margin of 79.2 per cent. The committed occupancy of the portfolio was 99.2 per cent as at June 30, 2018.

Despite the asset enhancement initiatives (AEI) at VivoCity, the megamall achieved a 2.3 per cent growth in NPI for Q1, said Sharon Lim, chief executive of MCT's manager.

VivoCity saw marginally higher rental income despite downtime resulting from spaces being vacated to make way for the public library on Level 3, and to create concept stores on Level 1.

The Reit announced that in June this year, it had entered into committed revolving credit facilities totalling S$150 million, and raised the medium-term notes programme limit from S$1 billion to S$3 billion to enhance financial flexibility.

The books closure date has been set for Aug 3, with unitholders receiving their payouts on Aug 31.

MCT's counter closed flat at S$1.64 on Thursday before its results were released, with trading of some 3.97 million units.

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