HP's Japan headquarters, which is being acquired by Mapletree North Asia Commercial Trust. (Google Maps)HP's Japan headquarters, which is being acquired by Mapletree North Asia Commercial Trust. (Google Maps)

Data from Mapletree North Asia Commercial Trust’s latest disclosure is in the Singapore REITs table.

Mixed commercial REIT Mapletree North Asia Commercial Trust (MNACT) has posted a 2.8% increase in its DPU for the second half-year ended March 2022.

It came in at SGD0.03393, up from SGD0.03299 a year earlier.

Gross revenue for the period was up 4.9% to SGD211.2 million from SGD201.3 million a year earlier.

Correspondingly, net property income (NPI) grew 5.1% to SGD160.1 million from SGD152.3 million.

Distributable income rose 5.6% to SGD119.7 million, up from SGD113.3 million a year earlier.

MNACT has attributed the increase in gross revenue and NPI to lower rental reliefs granted to retail tenants at its flagship asset, Festival Walk.

Related: Mapletree North Asia Commercial Trust sees continued inflow of institutional funds

MNACT was last done on the Singapore Exchange at SGD1.23, which presently implies a distribution yield of 5.57% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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