Mapletree Pan Asia Commercial Trust Q3 DPU rises 2.5% to S$0.0205
[SINGAPORE] Mapletree Pan Asia Commercial Trust (MPACT) on Friday (Jan 30) posted a distribution per unit (DPU) of S$0.0205 for the third quarter ended Dec 31. It will be paid on Mar 18.
This was 2.5 per cent higher from the year-ago period when its DPU stood at S$0.02.
In a bourse filing, the manager reported a 1.9 per cent fall in revenue to S$219.4 million for Q3, from S$223.7 million a year earlier.
Net property income fell 1.2 per cent to S$164.9 million from S$166.9 million.
This was largely due to lower overseas contributions and the absence of full-period contributions from TS Ikebukuro Building and Abas Shin-Yokohama Building, which were divested in August 2025, MPACT’s manager said.
It said: “Strong Singapore operations, strategic portfolio optimisation and debt reduction, supported by lower interest rates, delivered resilient DPU performance across both periods despite overseas headwinds.”
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The amount available for distribution to unitholders in Q3 rose 3.3 per cent to S$108.2 million from S$104.7 million.
Property operating expenses fell 4 per cent year on year to S$54.5 million from S$56.8 million amid divestments and lower utility expenses.
Finance expenses were 10.2 per cent lower in Q3 at S$47 million due to lower interest rates and proactive debt reduction, while the weighted average all-in cost of debt fell for the third consecutive quarter to 3.2 per cent.
These improvements were driven by proactive debt management, supported by favourable interest rate conditions.
Sharon Lim, chief executive officer of the manager, said: “This quarter’s results demonstrate the strength of our Singapore portfolio and the benefits of disciplined capital allocation. VivoCity’s performance anchors our operations, while lower finance expenses shows the value created from strategic divestments and debt reduction.”
In Singapore, VivoCity continued to have 100 per cent committed occupancy and 14.7 per cent in rental reversions, the manager noted.
Tenant sales grew 4.4 per cent in Q3, driven by added momentum from the completed Basement 2 asset enhancement initiatives.
In Hong Kong, Festival Walk maintained a high 98.4 per cent committed occupancy. While marketing initiatives continued to drive footfall, tenant sales remained pressured by elevated outbound travel among Hong Kong residents amid an uneven retail landscape.
In December, the manager announced it will divest the office component of Festival Walk for nearly HK$2 billion (S$328.1 million) to an unrelated third party. The divestment is targeted for completion in February 2026. MPACT will retain 100 per cent ownership and operations of the rest of Festival Walk including the mall.
“The transaction captures value and addresses Greater China headwinds, with divestment proceeds directed towards debt reduction to further enhance financial agility,” the manager said.
Across the real estate investment trust’s portfolio, committed occupancy stood at 88.1 per cent as at Dec 31. The portfolio recorded a 0.3 per cent rental reversion, as MPACT focused on tenant retention and cash-flow stability.
Key renewals at Mapletree Business City and Gateway Plaza supported portfolio stability, the manager said.
It added: “Gateway Plaza’s early renewal extends the lease from its current 2028 expiry to 2031, locking in long-term commitment amid China’s macro headwinds.”
Units of MPACT closed flat at S$1.47 on Thursday.
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