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

Mapletree Commercial Trust (MCT) has reported distributable income of SGD67.2 million for its 1Q FY19/20, a 4.1% growth year-on-year.

Correspondingly, the REIT’s DPU for the quarter grew 3.6% year-on-year to 2.31 Singapore cents.

Its overall portfolio net property income for 1Q FY19/20 grew 2.8%, while gross revenue increased by 3.3%.

As at 30 June 2019, the REIT portfolio committed occupancy was at 98.9%.

The REIT has reported good progress on the changeover of anchor tenant space in VivoCity, for the space previously occupied by Giant hypermarket.

This space is now tenanted by NTUC FairPrice, which successfully soft-launched its largest store in Singapore there on 16 July 2019.

MCT’s aggregate leverage ratio was at 33.1% as at 30 June 2019.

Approximately 80.5% of the REIT’s total debt of S$2,349.0 million has been fixed by way of fixed rate debt or interest rate swaps, with all-in cost of debt at 3.00% per annum.

MCT was last done on the Singapore Exchange at SGD2.10.

The figures above have been updated into the Singapore REITs fundamentals table.

By Shariffa Al-Habshee

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