Mapletree Commercial Trust reports fiscal 2H net property income fell 3 percent

Mapletree Commercial Trust's VivoCity retail property in Singapore. Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust agreed in December 2021 to merge to form Mapletree Pan-Asia Commercial Trust. Credit: Mapletree Commercial Trust; Rendy Aryanto/VVS.sgMapletree Commercial Trust's VivoCity retail property in Singapore. Mapletree North Asia Commercial Trust (MNACT) and Mapletree Commercial Trust agreed in December 2021 to merge to form Mapletree Pan-Asia Commercial Trust. Credit: Mapletree Commercial Trust; Rendy Aryanto/VVS.sg

Mapletree Commercial Trust reported Wednesday its fiscal second half net property income fell 3.3 percent on-year to S$198.83 million on lower contributions from the VivoCity, MBC and Anson properties. The results missed forecasts from Daiwa.

Gross revenue for the six months ended 31 March slipped 1.8 percent on-year to S$255.75 million, the REIT said in a filing to SGX.

The distribution per unit (DPU) for the six-month period came in at 5.14 Singapore cents, down 3.4 percent from 5.32 Singapore cents in the year-earlier period, the filing said.

Daiwa had forecast fiscal second half net property income of S$209.6 million on gross revenue of S$263.8 million, with DPU of 5.36 Singapore cents.

The contributions from VivoCity were lower in the fiscal second half mainly on the year-earlier cash grants and reclassification of property tax rebate from the government, the trust said. MBC revenue for the fiscal second half fell mainly due to lower occupancy, year-earlier cash grant and lower carpark income, the filing said.

Mapletree Anson’s fiscal second half revenue fell mainly on lower rental income due to transitional vacancy, the filing said.

At year-end, the portfolio’s committed occupancy was at 97 percent, MCT said.

For the full fiscal year, Mapletree Commercial Trust reported net property income of S$388.68 million, up 3.1 percent on-year, on gross revenue of S$499.48 million, up 4.3 percent on-year.

The full-year DPU came in at 9.53 Singapore cents, after the release of retained cash, up 0.4 percent from 9.49 Singapore cents in the previous fiscal year, the filing said. Due to Covid-related uncertainty, MCT had retained capital distributions in the January-to-March period of 2020, with the retained cash distributed to unitholders in later periods.

For the full year, VivoCity’s tenant sales rose 15.6 percent on-year, with the fiscal fourth quarter tenant sales reaching pre-Covid levels, the filing said.

“With the decisive easing of Covid-19 measures announced by the government in March, we are confident that VivoCity will benefit further from the resumption of social activities, more employees returning to their workplaces, and the reopening of borders,” Sharon Lim, CEO of MCT’s manager, said in the statement.