Mapletree Greater China Commercial Trust's Gateway Plaza (Photo: Mapletree Greater China Commercial Trust)

Mapletree North Asia Commercial Trust’s distribution per unit (DPU) for 1Q FY19/20 increased by 3.7% on-year to 1.950 cents.

The REIT’s distributable income for the period grew 9.3% on-year to SGD62.0 million.

Its gross revenue rose 11.1% on-year to SGD104.9 million while net property income (NPI) grew 10.7% to SGD85.0 million.

The year-on-year improvements were primarily due to higher rental income from Festival Walk, Gateway Plaza and Sandhill Plaza, and the higher average rate of HKD, partially offset by the lower average rate of RMB.

The full quarter contribution from the Japan Properties following the completion of acquisition on 25 May 2018 also bolstered the REIT’s income stream for 1Q FY19/20.

As of 30 June 2019, the REIT’s aggregate leverage ratio was slightly higher at 36.9%, up from 36.6% previously, with effective interest rate at 2.43% per annum.

Portfolio occupancy was at 99.1%, down from the 99.6% in the previous quarter.

Mapletree North Asia Commercial Trust was last done on the Singapore Exchange at SGD1.38, which gives a yield of about 5.6% based on data from the Singapore REITs fundamentals table.

By Shariffa Al-Habshee

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