MAPLETREE Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) fell 11.6 per cent to 1.98 Singapore cents for its second quarter ended Sep 30, from 2.24 cents the year before.
Gross revenue was down 6.1 per cent year on year to S$225.6 million, from S$240.2 million.
Net property income (NPI) fell 8.5 per cent to S$167.7 million, from S$183.2 million.
This largely reflects reduced contribution following Mapletree Anson’s divestment on Jul 31, 2024, and lower contributions from the overseas assets, further impacted by the strengthening Singapore dollar, MPACT’s manager said on Thursday (Oct 24).
The amount available for distribution to unitholders declined 11.9 per cent year on year to S$104 million, from S$118 million.
The distribution will be paid out on Dec 6, after the record date on Nov 4.
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The Reit manager noted that the accretive divestment of Mapletree Anson had bolstered MPACT’s financial performance.
This, coupled with the steady performance of the Singapore assets, provided some cushion against the effects of diverse conditions in overseas markets, it noted.
The manager also reduced borrowings amid the high interest rate environment, which helped offset higher interest rates and improved net finance costs for the quarter.
Meanwhile, for the half year ended Sep 30, DPU was 7.9 per cent lower at 4.07 cents, versus 4.42 cents the previous year, and the amount available for distribution fell 7.8 per cent to S$214.7 million.
Gross revenue was 3.1 per cent lower at S$462.3 million, while NPI eased 4.2 per cent to S$347.1 million for the half year.
Sharon Lim, chief executive of the manager, noted that the Reit remains vigilant in addressing overseas challenges, even as its Singapore portfolio continues to demonstrate resilience.
“In Greater China, near-term challenges persist, but the recent rate cut by the Fed and China’s economic stimulus measures are positive steps for overall market sentiment,” she said.
Lim expects the Singapore portfolio – which forms the majority of MPACT’s portfolio – will remain its “anchor of stability”.
Units of MPACT fell 0.7 per cent or S$0.01 to S$1.41 on Thursday, before the results were released.
