Mapletree Commercial Trust's VivoCity. (Photo: REITsWeek)Mapletree Commercial Trust's VivoCity. (Photo: REITsWeek)

Singapore-listed retail and office landlord Mapletree Commercial Trust has achieved a DPU of 2.28 Singapore cents for its 3Q FY16/17, a 9.6% increase from the 2.08 cents paid out in the corresponding period of the previous financial year.

Gross revenue and net property income for the quarter grew by 47.4% and 49.0% respectively on a year-on-year basis while income available for distribution was SGD65.6 million (USD46.2 million), a 48.2% growth from 3Q FY15/16.

The REIT has attributed these largely to income from Mapletree Business City Phase 1, and continued performance of its existing portfolio.

“In an environment that continued to face headwinds as well as external and domestic uncertainties, our portfolio remained resilient”, said Sharon Lim, CEO of the REIT’s manager.

As at 31 December 2016, Mapletree Commercial Trust’s overall portfolio occupancy improved to 99.0% from 98.8% as at 30 September 2016.

Its office properties, Mapletree Anson and Bank of America Merrill Lynch HarbourFront, are both 100% occupied, while PSA building and Mapletree Business City Phase 1 are both seeing occupancies at 96.2% and 99% respectively.

The REIT’s retail property, VivoCity is 99.9% occupied, and saw growths of 2.0% and 6.7% in sales and shopper traffic respectively during the quarter.

The REIT’s aggregate leverage ratio at the end of the period was 37.0% with a weighted average all-in cost of 2.64% per annum, a slight improvement from the 2.66% per annum as at 30 September 2016.

Unitholders will receive distribution for the quarter on 28 February 2017, with closure of registers set at 5 p.m. on the third of the same month.

Units of Mapletree Commercial Trust finished the trading day about 0.6% lower from its previous close on the Singapore Exchange to end at SGD1.48.

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.