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Mapletree Commercial Trust’s net property income increased to $96.9 million and gross revenue increased to $124.1 million.
Mapletree Commercial Trust’s (MCT) net property income (NPI) for the first quarter of FY2021/2022 rose 22.9% to $96.9 million, while gross revenue increased 23.7% to $124.1 million.
MCT’s manager attributed the increase to “lower rental rebates compared to a year ago, as well as compensation received from a pre-terminated lease at mTower”.
It revealed that all of MCT’s properties registered higher year-on-year (y-o-y) contribution except for MBC, which recorded a slight decline.
Committed occupancy of its portfolio stood at 95.4% as at 30 June 2021.
VivoCity, which was 99.4% committed as at 30 June 2021, saw shopper traffic and tenant sales increase 114.1% and 111.7%, respectively, on an annual basis.
“For the period from 21 to 30 June 2021, when dining-in was allowed to resume, the average daily shopper traffic reached about half of pre-COVID levels. Consequently, rental rebates disbursed to eligible retail tenants were lower in Q1 FY21/22 than a year ago, and Q1 FY21/22 gross revenue and NPI were up by 77.6% and 80.7% respectively,” said the manager.
MCT’s office and business park assets registered a 7.6% y-o-y hike in gross revenue and 7.7% y-o-y increase in NPI, mainly due to compensation received from a pre-terminated lease at mTower.
“Our performance in Q1 FY21/22 was dampened by the re-imposition of COVID-19 measures in Singapore, including a five-week cessation of dining-in at all F&B establishments. Thankfully, the impact was less severe than a year ago,” said Sharon Lim, CEO of MCT’s manager.
“Notwithstanding, we have swiftly rolled out rental assistance. During the quarter, we rendered rebates amounting to approximately 0.6 months of fixed rents to eligible retail tenants, and we stand ready to render additional assistance where warranted,” she added.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
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