Mapletree Pan Asia Commercial Trust posts 17.3% fall in Q4 DPU to S$0.0225
Renald Yeo
THE manager of Mapletree Pan Asia Commercial Trust (MPACT) reported a distribution per unit (DPU) of 2.25 Singapore cents for the fourth quarter ended Mar 31, 2023, down 17.3 per cent from 2.72 Singapore cents in the year-ago period.
The DPU figure of 2.72 Singapore cents for the year-ago period included the release of retained cash; excluding the release of retained cash, DPU in both periods remained unchanged at 2.25 Singapore cents.
Gross revenue was up 85.9 per cent to S$233.3 million in the quarter, from S$125.5 million previously.
Net property income (NPI), meanwhile, gained 82.2 per cent to S$177.4 million, compared with S$97.4 million in the same period a year ago.
The increase in gross revenue and NPI during the quarter was boosted by contributions from properties acquired through the merger of Mapletree Commercial Trust and Mapletree North Asia Commercial Trust to form MPACT which was completed on Jul 21, 2022, and also increased input from all Singapore properties, MPACT’s manager said in a bourse filing on Thursday (Apr 27).
However, the positive growth during the quarter was partially offset by higher finance costs, it added.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
For the full year ended Mar 31, 2023, DPU came in at 9.61 Singapore cents, up 0.8 per cent from 9.53 Singapore cents in the previous year, which included the release of retained cash.
NPI for the full year gained 62.6 per cent year on year to S$631.9 million, while gross revenue grew 65.4 per cent to S$826.2 million in the same period.
Gross revenue from Mapletree Business City made up the largest proportion of MPACT’s revenue at S$225.5 million, with VivoCity clocking in at S$220.2 million.
Tenant sales for the full year in VivoCity set a “new record at over S$1 billion, well surpassing pre-Covid levels”, the trust’s manager said.
MPACT’s committed occupancy across its portfolio was 95.4 per cent as at Mar 31, 2023, while the weighted average lease expiry stood at 2.6 years.
“Looking ahead, the journey to post-pandemic recovery will be uneven, particularly due to the fragile global economy and recent downturns in the tech and finance sectors,” said Sharon Lim, chief executive of the trust’s manager.
“Nevertheless, the renewal of several key leases in FY22/23 places us in a comparatively resilient position, and we will deploy targeted strategies to address market changes.”
Units of MPACT closed S$0.02 or 1.1 per cent lower to S$1.77 on Thursday, prior to the announcement.
Copyright SPH Media. All rights reserved.
