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

Mapletree Commercial Trust has announced a distribution per unit (DPU) of 2.23 Singapore cents for its 1Q FY17/18, an increase of 9.9% year-on-year from the 2.03 cents achieved in the corresponding period of the previous financial year.

Gross revenue and net property income (NPI) for 1Q FY17/18 grew 46.9% and 49.6% year-on-year to SGD107.8 million (USD79.3 million) and SGD84.1 million respectively.

Correspondingly total income available for distribution for the quarter was SGD64.4 million, representing a 48.2% year-on-year growth.

The growth came despite a challenging operating environment, and persistently weak demand, said Sharon Lim, CEO of the REIT’s manager, in a statement on the results.

“In spite of this, [Mapletree Commercial Trust’s] portfolio has remained largely resilient and stable, driving [the REIT’s]outstanding performance”, she said, adding that revenue for the period was bolstered by income from the acquisition of Mapletree Business City Phase 1, and positive contributions from VivoCity, Mapletree Anson and PSA Building.

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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.