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For the three months ended 30 September, revenue and net property income (NPI) rose 1.9 percent and 1.7 percent to $112 million and $88 million, respectively. Income available for distribution also climbed 1.9 percent to $67 million.
Mapletree Commercial Trust’s (MCT) distribution per unit (DPU) for the second quarter increased 2.2 percent to 2.32 Singapore cents from 2.27 cents over the same period last year.
For the three months ended 30 September, revenue and net property income (NPI) rose 1.9 percent and 1.7 percent to $112 million and $88 million, respectively. Income available for distribution also climbed 1.9 percent to $67 million.
This comes as the trust witnessed steady operational performance. VivoCity, for instance, posted 5.1 percent and 4.9 percent growth in gross revenue and net property income during the period under review.
“The higher gross revenue and NPI for the period were mainly due to higher rental income from new and renewed leases, achieved together with the asset enhancement initiatives completed to-date, the effects of step-up rents in existing leases and higher other revenue,” said the trust’s manager.
Shopper traffic and tenant sales at VivoCity, which was fully committed as at 30 September, picked up with the progressive opening of new stores at Basement 2 and Level 1 in Q2.
Sharon Lim, CEO of the manager, revealed that unitholders’ approval for the proposed acquisition of Mapletree Business City (Phase 2) for $1.55 billion has already been secured.
“As a top-quality asset, it is an excellent fit with the existing portfolio. Not only will it boost MCT’s NPI, DPU and NAV per unit, it will also enlarge MCT’s asset size from $7.4 billion to $8.9 billion,” she said.
“On top of that, it reinforces MCT’s foothold in the Alexandra Precinct, giving us greater economies of scale and flexibility in meeting tenant requirements. Post-acquisition, MCT’s portfolio will be further elevated, with best-in-class assets, namely VivoCity, MBC I and MBC II, making up approximately 80 percent of the enlarged portfolio’s valuation and NPI.”
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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