MAPLETREE Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) fell 9.1 per cent to S$0.02 for its third quarter ended Dec 31, 2024, from S$0.022 in the year-ago period.
Revenue was down 7.4 per cent at S$223.7 million for the quarter, from S$241.6 million in the prior corresponding period.
This was due to the lack of contributions from its divested office property Mapletree Anson, as well as lower contributions from assets overseas, which were further dampened by the persistent strength of the Singapore dollar, the trust’s manager said on Thursday (Jan 23).
The manager noted, however, that MPACT’s Singapore assets showed resilience, led by shopping mall VivoCity’s robust performance despite ongoing asset enhancement initiatives.
Net property income fell 8.5 per cent on year to S$166.9 million for the quarter, from S$182.4 million. The amount available for distribution to unitholders fell 9.2 per cent year on year to S$104.7 million, from S$115.3 million. The distribution will be paid out on Mar 7, after books closure on Feb 4.
Overall portfolio occupancy inched down to 90 per cent as at Dec 31, 2024, from 90.3 per cent as at Sep 30, with improved performance across all markets except China.
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Rental reversion stood at 4.6 per cent, as VivoCity led robust rental uplifts across its Singapore properties.
The weighted average lease expiry of its overall portfolio was 2.2 years, with 2.1 years for the retail segment and 2.3 years for the office and business park segment.
Operating expenses during the quarter narrowed 4 per cent on the year, largely due to Mapletree Anson’s divestment and lower utility costs.
The effective debt management also led to a 9.7 per cent savings in net finance costs, the manager said.
These improvements, combined with the steady performance of the Singapore assets, helped to moderate the impact of overseas market headwinds, it added.
Meanwhile, MPACT’s aggregate leverage ratio was stable at 38.2 per cent as at Dec 31, with the weighted average all-in cost of debt improving to 3.52 per cent per annum, from 3.56 per cent per annum in the earlier quarter.
Sharon Lim, chief executive of the manager, expects global headwinds to persist in 2025. “While navigating near-term obstacles, MPACT’s core stability remains anchored by Singapore’s dominant position in the portfolio,” she said.
Units of MPACT closed at S$1.19 on Thursday, up S$0.01 or 0.8 per cent, before the results were released.
