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Mapletree Commercial Trust’s distribution per unit (DPU) for the fourth quarter ended 31 March rose 2015 by 2.4 percent to 2 cents from 1.95 cents in the same period a year ago.
At the same time, gross revenue increased by 3.5 percent to S$70.98 million compared to S$68.56 million in Q4 FY13/14. Net property income climbed by 4.6 percent to S$53.18 million from S$50.85 million, while distributable income grew by 3.7 percent to S$42.15 million from S$40.66 million previously.
With the strong performance for the fourth quarter, gross revenue for FY14/15 rose by 5.7 percent to S$282.48 million from S$267.18 million, while net property income increased by 8.4 percent to S$211.69 million from S$195.28 million previously.
As a result, distributable income for the whole year jumped by 10 percent to S$168.32 million from S$152.99 million, while DPU grew by 8.5 percent to 8 cents from 7.37 cents a year ago.
According to Credit Suisse, MCT’s annual revenue growth of 5.7 percent for FY14/15 was driven by higher contribution across its properties, while the 8.4 percent expansion in net property income is attributed to lower utility costs and marketing expenses. The DPU of 8 cents for FY14/15 was also in line with the bank’s projections.
Commenting on the financial results, Mapletree Commercial Trust Management CEO Amy Ng, said: “With the continued support of our tenants and shoppers, we achieved about S$909 million in tenant sales for FY14/15, slightly higher than the previous financial year despite the generally slower retail market.”
“We have also added net lettable area to Vivocity over the year and fully leased the newly created space from the AEI. Our new tenants have progressively started trading from mid-April,” she added.
However, Credit Suisse noted that VivoCity’s occupancy rate dipped to 97.5 percent due to an asset enhancement initiative (AEI), while Mapletree Anson’s and PSA Building’s occupancy also declined to 87.5 percent and 95.4 percent respectively due to the tight office environment.
Meanwhile, MCT’s Merill Lynch Harbourfront is fully tenanted and its manager has completed the rent review for the last three-year term which will expire in FY18, Credit Suisse said.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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