Mapletree Commercial Trust’s net property income (NPI) for 4Q FY19/20 was SGD98.6 million, up 12.6% year-on-year.
This was driven mostly by Mapletree Business City Phase II (MBC II) which was acquired on 1 November 2019.
However, the REIT has cut its distributable income by 55% year-on-year to SGD30 million, from SGD66.9 million in the corresponding period of the previous financial year.
Accordingly, distribution per unit (DPU) came in at 0.91 cents, down 61% year-on-year.
The REIT has attributed tough operating conditions to safe distancing measures enacted amid the COVID-19 outbreak.
“These have inevitably impacted retail footfall and sales across the country and coupled with the rental assistance rolled out to support our retail tenants, have weighed down on VivoCity’s 4Q FY19/20 performance”, said Sharon Lim, CEO of the REIT’s manager.
“While we remain well-capitalised with ample financial flexibility, we must continue to exercise prudence.
We have thus elected to retain SGD43.7 million of distribution by way of capital allowance claims, and capital distribution retention in 4Q FY19/20 to better position ourselves for the challenges ahead”, Lim added.
The REIT will be waiving the April fixed rent for eligible retail tenants.
“We hope that this, as well as the SGD29 million of assistance implemented for our retail tenants previously, can give them some helpful relief”, said Lim.
Data from MCT's latest results have been updated into the Singapore REITs table.