Mapletree Commercial Trust posts fiscal 1Q net property income rose 23 percent

Signage at Mapletree Commercial Trust’s VivoCity mallSignage at Mapletree Commercial Trust’s VivoCity mall

Mapletree Commercial Trust reported Friday its fiscal first quarter net property income rose 22.9 percent on-year to S$96.90 million, mainly on lower rental rebates to tenants compared with the year-earlier period and on compensation for a pre-terminated lease.

Gross revenue for the quarter ended 30 June increased 23.7 percent on-year to S$124.14 million, the trust said in a filing to SGX.

Sharon Lim, CEO of the trust’s manager, noted the performance during the quarter was dampened by Singapore re-imposing restrictions to stem the spread of the Covid-19 virus, including banning dine-in at food and beverage outlets for a five-week period.

“Thankfully, the impact was less severe than a year ago. Notwithstanding, we have swiftly rolled out rental assistance. During the quarter, we
rendered rebates amounting to approximately 0.6 month of fixed rents to eligible retail tenants, and we stand ready to render additional assistance where warranted,” she said in the statement.

Shopper traffic and tenant sales at the VivoCity property were up by 114.1 percent and 111.7 percent respectively on-year, the statement said. Committed occupancy at the property was 99.4 percent at end-June.

For the 21 to 30 June period when dine-in was allowed to resume, average daily shopper traffic at VivoCity reached about half pre-Covid levels, Mapletree Commercial Trust said.

At quarter-end, the committed occupancy of the portfolio was 95.4 percent, the trust said.

 

Shopper traffic and tenant sales at Mapletree Commercial Trust's VivoCity property. Credit: Mapletree Commercial Trust

Shopper traffic and tenant sales at Mapletree Commercial Trust’s VivoCity property. Credit: Mapletree Commercial Trust