MPACT posts 14.8% lower Q4 DPU of S$0.0195

[SINGAPORE] Mapletree Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) for the fourth quarter ended March slid 14.8 per cent year on year to S$0.0195 from S$0.0229 previously.

Unitholders can expect to receive the distribution payout on Jun 6.  

Distributable income stood at S$103.6 million for Q4, falling 14 per cent from S$120.5 million.

The real estate investment trust’s (Reit) revenue fell 6.8 per cent to S$222.9 million from S$239.2 million in the year-ago period, while net property income (NPI) for the quarter dropped 7.4 per cent to S$169.5 million from S$183.1 million.

The manager of MPACT on Friday (Apr 25) attributed the lower revenue to reduced contribution from Singapore properties due to the divestment of Mapletree Anson on Jul 31, 2024, and lower overseas contributions.

In a Q4 business update, Sharon Lim, chief executive officer of the Reit manager, noted that VivoCity spearheaded some stability, recording 3.5 per cent and 2.1 per cent year-on-year growth in the full-year revenue and NPI, respectively.

The Reit’s DPU for the full year stood at S$0.0802, down 10 per cent from S$0.0891 in the same period a year prior.

Overall portfolio tenant retention rate was 89.6 per cent, with a weighted average lease expiry of 2.2 years as at Mar 31.

“We are intensifying efforts to safeguard occupancy and cash flow while exploring suitable opportunities to optimise the portfolio,” said Lim.

The average term to maturity of debt was extended to 3.3 years as at Mar 31, from 3.1 years.

Units of MPACT closed 1.6 per cent or S$0.02 lower on Thursday at S$1.22.