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

Mapletree Commercial Trust (MCT) has reported a distribution per unit (DPU) of 2.3 Singapore cents for its 4Q FY19/19, up 1.8% on a year-on-year basis.

It brings the REIT’s full year DPU to 9.14 cents, 1.1% higher that the previous financial year.

The REIT’s gross revenue, and net property income (NPI) for the period was up 3.7% and 3.9% respectively, led by higher contribution from VivoCity, PSA Building and Merrill Lynch HarbourFront.

As at 31 March 2019, the REIT’s committed occupancy at its flagship property, VivoCity was 99.9%, while occupancy for its office and business park assets ranged from 96.4% at PSA Building to full occupancy at Merrill Lynch HarbourFront.

MCT’s aggregate leverage has improved to 33.1% as at 31 March 2019, from 34.8% as at 31 December 2018.

As such, the REIT has debt headroom of approximately SGD1.5 billion, based on the 45% regulatory limit.

Approximately 85.0% of the REIT’s total debt features fixed rates to mitigate against interest rates fluctuations.

Unitholders will receive the distribution for the period on 30 May 2019.

The closure of transfer books and register of unitholders is 5.00 pm on 2 May 2019.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.