Mapletree Commercial Trust (MCT) reported a 3.4% decline in distribution per unit (DPU) to S$0.0514 for H2 2021. Gross revenue was down 1.8% to S$255.8mn during the period. The Reit’s manager noted that higher one-off adjustments due to property tax rebates and government grants due to Covid-19 were recorded in the period. Tenant sales rebounded by 10.3% YoY in Q4 and by 15.6% for the full year. Net property income (NPI) fell 3.3% in H2 to S$198.8mn and distributable income fell 5.2% to S$154.8mn. MCT reported that at end-March 2022, its average term to maturity was shorter at 3.3 years, while its aggregate leverage stood at 33.5%.

Mapletree North Asia Commercial Trust (MNACT) reported a 2.8% rise in distribution per unit (DPU) to S$0.03393 for H2 2021. Gross revenue was up 4.9% to S$211.2mn during the period. Net property income (NPI) grew 5.1% to S$160.1mn while distributable income rose 5.6% to S$119.7mn. MNACT’s manager attributed the increase in gross revenue and NPI to lower rental reliefs granted to retail tenants at a shopping mall known as Festival Walk.

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