Festival Walk, a property of Mapletree North Asia Commercial Trust

Data from Mapletree North Asia Commercial Trust’s latest results have been updated into the Singapore REITs table.

Mapletree North Asia Commercial Trust’s gross revenue and net property income (NPI) for 1H FY19/20 declined 9.6% and 17.7% respectively compared to the same period last year.

This was mainly due to SGD 34.9 million (USD26 million) in rental reliefs granted to tenants at Festival Walk as a result of the COVID-19, as well as lower average rental rates at Festival Walk and Gateway Plaza.

Accordingly, distribution per unit (DPU) for 1H FY20/21 was 2.876 cents, 26.0% lower compared to 1H FY19/20, after taking into account distribution adjustments.

However, comparing the REIT’s NPI for 2Q FY20/21 improved by 4.0% quarter-on-quarter.

This was mainly attributable to higher turnover rental revenue, and lower rental reliefs granted to Festival Walk’s retail tenants overall.

The REIT’s aggregate leverage ratio as of 30 September 2020 was at 40.1%, up from 39.6% as of 30 June 2020, mainly due to the lower portfolio valuation.

Unitholders will receive a distribution of 2.876 cents per unit on 28 December 2020 for 1H FY20/21.

The closure of MNACT’s transfer books and register of unitholders is on Friday, 6 November 2020 at 5.00pm.

The REIT was last done on the Singapore Exchange (SGX) at SGD0.885, which implies a distribution yield of about 6.5% according to data compiled on the Singapore REITs 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.