Mapletree Commercial Trust Q1 DPU up 3.6% to 2.31 S cents

MAPLETREE Commercial Trust (MCT) on Thursday posted a 3.6 per cent year-on-year increase in distribution per unit (DPU) to 2.31 Singapore cents for the first quarter ended June 30.

Gross revenue edged up 3.3 per cent year-on-year to S$112.13 million on the back of higher contributions from all properties except Mapletree Anson. Net property income (NPI) rose 2.8 per cent to S$88.35 million, while income available for distribution in the quarter under review was up 4.1 per cent at S$67.25 million.

As at June 30, the committed occupancy of the portfolio stood at 98.9 per cent.

VivoCity saw 5.2 per cent and 4.2 per cent growth in gross revenue and NPI respectively for 1Q FY19/20, the trust highlighted. Gross revenue and NPI were lifted by higher rental income from new and renewed leases as well as the asset enhancement initiatives completed in FY18/19 and the effects of step-up rents in existing leases.

Meanwhile, gross revenue and NPI contribution from its office/business park assets in 1Q FY19/20 were up by 1.7 per cent and 1.6 per cent respectively on the back of higher rental income from new leases and the effects of step-up rents in existing leases at Mapletree Business City I and higher rental income at PSA Building and Bank of America Merrill Lynch HarbourFront.

The trust said: "MCT's portfolio is expected to remain resilient given VivoCity's strong positioning and consistent performance, as well as the manageable lease expiries in MCT's office/business park properties."

Books closure date has been set for Aug 2, with unitholders receiving their payouts on Aug 29.

Units in MCT closed at S$2.10 on Thursday, up two cents.