Festival Walk, a property of Mapletree North Asia Commercial Trust

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

Mapletree North Asia Commercial Trust’s (MNACT’s) distribution per unit (DPU) in FY20/21 was 13.3% lower than that in FY19/20.

The REIT has attributed this to the lack of rent revenue during the period of Festival Walk’s temporary closure, and absence of top-ups to the distributable income during the year.

Top-ups were carried out in FY19/20 to mitigate the decline in DPU and to enable a certain level of distributable income to unitholders while the loss of revenue is recovered through the insurance claims.

“While the DPU for the full year FY20/21 declined by 13.3% compared to the previous year, we are encouraged by the 14.7% increase in DPU for 2H FY20/21 over 1H FY20/21”, said Cindy Chow, CEO of the REIT’s manager.

“This was achieved primarily with a lower quantum of rental reliefs granted to our retail tenants at Festival Walk mall during this period given the improvement in retail sales and footfall, and the progressive easing of restrictive COVID-19 measures in Hong Kong SAR”.

“Our diversification strategy with the acquisitions of MBP and Omori and the joint venture that acquired The Pinnacle Gangnam also added to MNACT’s resilience”, she added.

Its portfolio occupancy was 97% at the end of March 2021.

The REIT’s full disclosure of its results can be viewed here.

MNACT was last done on the Singapore Exchange at SGD1.07, which implies a distribution yield of 5.77% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

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