Mapletree Commercial Trust DPU Rises for 4Q FY15/16

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On 25th April 2016, Mapletree Commercial Trust announces its 4QFY15/16 results. 4QFY15/16 refers to 1st January 2016 to 31st March 2016. Gross revenue increases by 2.8% from S$71 million to S$73 million. Net Property Income (“NPI”) increases by 3.5% from S$53.2 million to S$55 million. Distribution Per Unit (“DPU”) increases 1% from 2 cents to 2.02 cents.

4Q FY15/16
(S$’000)
4Q FY14/15
(S$’000)
YoY(%)
Gross Revenue 72,991 70,980 2.8
Net Property Income 55,044 53,175 3.5
Distributable Amount 42,918 42,151 1.8
Distribution Per Unit (“DPU”) (cents) 2.02 2 1.0

Occupancy

Overall occupancy increase from 95.7% to 96.6%. VivoCity is the only retail mall in Mapletree Commercial Trust portfolio. Shopper traffic grew about 7% and tenant sales grew about 6% in 4Q FY15/16 on a year on-year basis.

As at 31 Mar 2015 As at 31 Mar 2016
VivoCity 97.5% 99.6%
Merrill Lynch Harbourfront (“MLHF”) 100.0% 100.0%
PSA Building 95.4% 92.8%
Mapletree Anson 87.5% 91.0%
MCT Portfolio 95.7% 96.6%

Lease Expiry Profile

Weight Average Lease Expiry (“WALE”) for its office assets is 2.8 years while retail is 2.0 years.

Mapletree Commercial Trust 4Q2015 Lease Expiry

With the positive renewal/restructuring of Bank of America Merrill Lynch’s lease at Merrill Lynch Harbourfront (“MLHF”) in Apr 2016, the office WALE is extended from 2.8 years to 3.5 years.

Mapletree Commercial Trust 4Q2015 Lease Expiry New

Debt

Gearing ratio is 35.1%. Weighted average debt expiry is 3.4 years. Investors need to take note of 29% debt due in FY19/20.

Mapletree Commercial Trust 4Q FY15/16 Debt

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