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

Mapletree Commercial Trust’s (MCT’s) distribution per unit (DPU) for 2Q FY19/20 has been reported 2.32 Singapore cents, up by 2.2% on a year-on-year basis.

For the quarter, the REIT registered year-on-year growth of 1.9% and 1.7% respectively for its gross revenue and net property income (NPI).

The REIT’s crown jewel, VivoCity, posted 5.1% and 4.9% growth in gross revenue and NPI respectively for the period, said Sharon Lim, CEO of the REIT’s manager.

“Momentum of shopper traffic and tenant sales has picked up with the progressive opening of new stores on Basement 2 and Level 1 during 2Q FY19/20, as well as NTUC FairPrice commencing and contributing full month from August 2019”, the REIT added.

As at 30 September 2019, the REIT’s aggregate leverage was 31.7%, down from 33.1% in the previous quarter.

MCT’s committed occupancy of the portfolio was at 98.8%, up slightly from 98.5% previously.

Figures from the MCT’s 2Q results have been updated into the Singapore REITs fundamentals table.

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.