Mapletree Greater China Commercial Trust announced on 29 July that it has achieved a distribution per unit (DPU) of 1.85 Singapore cents for its 1Q FY16/17, 9.1% higher than the 1.696 cents recorded in the corresponding quarter of FY15/16.

Gross revenue and net property income (NPI) for the period increased by 11.9% and 11.2% year-on-year to SGD85 million and SGD69.4 million respectively.

“Our acquisition of Sandhill Plaza in June 2015 and the organic growth from Festival Walk as a result of our proactive asset management contributed to the 11.2% increase in portfolio NPI year-on-year”, said Cindy Chow, CEO of the REIT’s manager.

The Singapore-listed industrial REIT’s aggregate portfolio occupancy for the period was at 97.8% with a weighted average lease expiry (WALE) of 2.6 years by gross rental income.

Gearing as at 30 June 2016 was at 40.1%, slightly higher than the 39.5% recorded for the previous quarter, while average cost of debt for the period was 2.87%.

“Following the Brexit referendum and with the upcoming US elections, we expect that uncertainty and volatility will remain a common theme in the capital markets in the near term”, said the REIT in a statement on its outlook.

It however remains optimistic on demand for its three properties and expects NPI to remain stable for the quarters ahead.

Units of Mapletree Greater China Commercial Trust finished the trading day about 0.4% lower from its previous close on the Singapore Exchange to end at SGD1.075.