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

Singapore-listed retail and office REIT, Mapletree Commercial Trust, announced on 26 April that it has achieved a distribution per unit (DPU) of 2.02 Singapore cents for its 4Q FY15/16, an increase of 1% from the 2.00 cents paid in the corresponding period of the last financial year.

Distributable income for the period was SGD42.92 million, up 1.8% year-on-year from the SGD42.15 million paid in 4Q FY14/15. Gross revenue and net property income for the period came in 2.8% and 3.5% higher year-on-year at SGD72.99 million and SGD55.05 million respectively.

FY15/16 DPU was 8.13 cents, which was an increase of 1.6% over FY14/15.

“We are pleased to close the year with a set of steady results despite weak retail sentiments and office market”, said Sharon Lim, CEO of the REIT’s manager in a statement on the results.

The REIT’s portfolio occupancy as at 31 March 2016 improved to 96.6% from 95.7% a year ago despite occupancy at PSA Building falling to 92.8% from 95.4% year-on-year. Portfolio weighted average lease expiry (WALE) by gross rental revenue for its retail and office properties was at 2.0 and 2.8 years respectively.

Aggregate leverage ratio was at approximately 35% with a weighted average debt term to maturity of about 4.0 years and a weighted average all-in cost of debt of 2.52% per annum.

The REIT reminded unitholders that its distribution reinvestment plan (DRP) will apply to the 4Q FY15/16 distribution and cease thereafter. “The manager may consider the re-application of the DRP at a later date and will notify unitholders accordingly”, it said.

Units of Mapletree Commercial Trust finished the trading day on the Singapore Exchange about 1.7% lower from its previous close to end at SGD1.47.

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.