Mapletree North Asia Commercial Trust reports 20% drop in DPU for 4Q

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Mapletree North Asia Commercial Trust has reported a distribution per unit (DPU) of 1.566 cents for its 4Q FY19/20, 19.9% lower compared to the same quarter last year.

Gross revenue for 4Q FY19/20 decreased by 26.2% to SGD76.8 million, compared to 4Q FY18/19, while net property income (NPI) declined by 32.2% to SGD56.9 million.

This was primarily due to rental reliefs granted to tenants at Festival Walk of SGD10.3 million as a result of COVID-19, as well as the closure of the mall from 1 to 15 January 2020.

There was also lower average occupancy at Gateway Plaza, and lower average rate of RMB against SGD.

However, the decline in gross revenue and NPI was partially offset by the maiden contribution from MBP and Omori following the completion of acquisitions on 28 February 2020 as well as the higher average rates of HKD and JPY against SGD.

The manager has waived the acquisition fee of SGD3.5 million, to which it is entitled for the acquisitions of MBP and Omori, to demonstrate its support of the initiatives to achieve greater diversification of MNACT’s portfolio.

For 4Q FY19/20, the distribution top-up is based on the estimated retail rental revenue from 1 January 2020 to 15 January 2020, when the mall was closed.

Data from the REIT’s latest results have been updated into the Singapore REITs table.

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