Mapletree Commercial Trust's Mapletree Business City. (Photo: Mapletree Commercial Trust)

Singapore-listed mixed retail and office REIT, Mapletree Commercial Trust, has reported DPU of 2.26 Singapore cents for its 4Q FY16/17, an increase of 11.9% year-on-year from the corresponding period in the previous financial year.

Accordingly full year DPU came in at 8.62 cents, an increase of 6.0% year-on-year.

This was on the back of significant jumps in gross revenue and NPI during the quarter, which grew by 47.3% and 51.2% year-on-year to SGD107.5 million (USD77 million) and SGD83.2 million respectively.

Correspondingly total income available for distribution for 4Q 16/17 was SGD64.6 million, an increase of 50.4% from 4Q FY15/16.

Mapletree Commmercial Trust has attributed the set of results to new income from Mapletree Business City Phase 1, and continued positive contributions from VivoCity, Mapletree Anson and PSA Building.

“With the addition of [Mapletree Business city Phase 1] into the portfolio, and underpinned by VivoCity’s robust performance, [the REIT’s]total investment properties reached SGD6.3 billion, up 46.0% from a year ago”, said Sharon Lim, CEO of the REIT’s manager.

The REIT’s gearing for the quarter was at 36.3%, down from 37.0% in the previous quarter.

Approximately 81.2% of the REIT’s total debt of SGD2,327.6 million is on fixed rate, or interest rate swaps, with a weighted average all-in cost of debt of 2.66% per annum.

Units of Mapletree Commercial Trust were last traded in the Singapore Exchange at SGD1.57.

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.