MPACT Q4 DPU falls 2.6% to S$0.019 amid overseas headwinds

[SINGAPORE] The manager of Mapletree Pan Asia Commercial Trust (MPACT) on Tuesday (Apr 28) reported a 2.6 per cent fall in distribution per unit (DPU) to S$0.019 for the fourth quarter ended March 2026, from S$0.0195 in the same year-ago period.

It will be distributed on Jun 17, 2026, with an ex-dividend date on May 6, and its record date on May 7.

Revenue for the period was down 5.5 per cent at S$210.7 million from S$222.9 million the year prior, on account of lower overseas contributions.

Net property income also declined 5.9 per cent year on year to S$159.6 million, from S$169.5 million.

Finance expenses also narrowed to S$42.4 million for the period, a 17.9 per cent dip from S$51.6 million a year prior.

This was driven by lower interest rates on Singapore dollar and Hong Kong dollar borrowings; and reduced borrowings as net divestment proceeds were deployed towards debt reduction, said the manager.

Portfolio occupancy stood at 89.4 per cent, while the weighted average lease expiry was at 2.4 years.

As at Mar 31, 2026, gearing was recorded at 36.5 per cent, with an interest coverage ratio of 3.2 times.

Some bright spots were noted in the Q4 results statement – in particular VivoCity’s higher contribution from the completed Basement 2 asset enhancement initiative.

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The manager said portfolio optimisation efforts will continue, as the company sharpens focus on quality assets.

Amid macro headwinds, leasing and operational decisions across the portfolio have protected cash flows and bolstered stability.

“VivoCity’s consistent outperformance reflects the manager’s ability to drive returns through targeted initiatives,” the Tuesday results statement added.

MPACT’s assets under management amount to S$15.2 billion, across 15 commercial properties in Asia’s key markets such as Singapore, Hong Kong and Tokyo.

Units of MPACT closed flat at S$1.40 on Monday, before the release of results.