Mapletree Commercial Trust property, ARC, in Singapore (Photo: REITsWeek)Mapletree Commercial Trust property, ARC, in Singapore (Photo: REITsWeek)

Singapore government-backed office and retail REIT Mapletree Commercial Trust (MCT) ( SGX:N2IU) has reported a distribution per unit of 1.95 Singapore cents for the first quarter of the FY2014/2015 financial period.

The DPU represents a year-on-year increase of 11.2% as compared to the 1.753 Singapore cents paid out in the corresponding period in the last financial year.

Net property income (NPI) for the period also saw a rise of 9.7% to SGD51.6 million on the back of a 6.6% growth in gross revenue which reported in at SGD68.6 million.

Amy Ng, CEO for the REIT's manager, has pointed to her team's effort in "continuously refreshing VivoCity and organising large scale precintal activities" as a contributing factor to the REIT's strong performance.

VivoCity, a shopping mall located in southern Singapore in close proximity to the resort island of Sentosa, saw an NPI growth of 12.6% for the quarter bolstered by a 5% growth in shopper traffic.

The REIT's office properties, Mapletree Anson and PSA Building, also saw strong NPI growth of 10%. PSA Building maintains its 100% occupancy for the period.

Aggregate leverage ratio for the REIT lowered slightly during the period from 38.7% to 38.3% following a partial repayment of debt drawn from bank facilities of SGD20 million.

Unitholders of MCT can expect to receive their distribution payment on 4 September 2014. Units of the REIT are currently trading at SGD1.39 on the Singapore Exchange.

Mapletree Commercial Trust
Mapletree Commercial Trust property, ARC, Singapore

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.