Singapore-listed office and retail REIT, Mapletree Commercial Trust (MCT) (SGX:N2IU), announced on 22 April that it has achieved a distribution per unit (DPU) of 2.0 Singapore cents for its 4Q 14/15, a rise of 2.4% as compared to the corresponding period last year.

The results brings the full year’s DPU to 8.0 Singapore cents, an increase of 8.5% against when compared to financial year FY13/14.

“We achieved about SGD909 million in tenant sales for FY14/15, slightly higher than the previous financial year despite the generally slower retail market”, said Amy Ng, CEO of MCT’s manager.

“Our cost containment measures have yielded good results with operating expenses slightly lower than the previous financial year in an environment of escalating costs”, said Ng.

The REIT’s largest retail property, VivoCity, saw a 6.9% and 10.5% increase in revenue and net property income respectively. While shopper traffic declined marginally, tenant sales remained relatively resilient despite headwinds in the retail sector, said the REIT. Overall committed occupancy rate for VivoCity stands at 99.5% as at 31 March 2015.

Meanwhile PSA Building delivered a 4.9% and 6.9% increase in gross revenue and net property income respectively.

As at 31 March 2015, the REIT’s aggregate leverage ratio stood at 36.4% with an interest coverage ratio of 5.3 times and a weighted average all- in cost of debt of 2.28%.

Units of Mapletree Commercial Trust last changed hands on the Singapore Exchange at SGD1.63.