Mapletree Commercial Trust 1H FY21/22 Financial Results

Mapletree Commercial Trust (Mapletree Business City)

Mapletree Commercial Trust (“MCT”) has reported its 1H FY21/22 Financial Results on 27th October.

MCT currently makes up 10.23% of my stock portfolio. How did MCT fare and is DPU still depressed? Let us take a look below

MCT managed to achieve higher 1H FY21/22 gross revenue and net property income (“NPI”) mainly due to lower rental rebates and compensation from a lease pre-termination at mTower.

A distribution of 4.39 Singapore cents was declared and will be paid on 30th November 2021.

Mapletree Commercial Trust 1H FY21/22 Financial Results

1H FY21/22 distribution per unit (“DPU”) was up 5.3% to 4.39 Singapore cents.

1H FY21/22
(S$’000)
1H FY20/21
(S$’000)
YoY(%)
Gross Revenue 243,722 218,671 11.5%
Net Property Income 189,855 171,459 10.7%
Distributable Amount 146,456 138,422 5.8%
Distribution Per Unit (“DPU”) (cents) 4.39 4.17 5.3%

Occupancy

As of 30th September 2021, overall actual occupancy stood at 93.3%. Committed occupancy stood at 96.0%.

Mapletree Commercial Trust Occupancy 30 Sept 2021

Debt

As of 30th September 2021, the gearing ratio stood at 33.7%. 100% of the assets remain unencumbered. The Moody rating is Baa1 (stable).

MCT has a well-distributed debt maturity profile with no more than 24% of debt due in any financial year.

Mapletree Commercial Trust Debt Maturity Profile 30 Sept 2021

 

Current Dividend Yield

Based on the current share price of S$2.15 and FY20/21 full year distribution of 9.49 Singapore cents, this translate to a current dividend yield of 4.41%.

As you can see from the movement of the share price below, the price has gone up over the past few months which resulted is the lower current dividend yield.

Mapletree Commercial Trust Share Price 5 Nov 2021

Summary of Mapletree Commercial Trust 1H FY21/22 Financial Results

I will like to end this post with the below slide that illustrate the measures imposed by the government to curb the spread of COVID-19 and how it impact shopper traffic and tenant sales.

As you can see, shopper traffic and tenant sales are slowly picking up as Singapore moves towards COVID-19 stabilisation.

Restrictions cannot be forever and I am sure the day COVID-19 is controlled and measures lifted, this will be the catalyst for Mapletree Commercial Trust to fast speed forward.

Mapletree Commercial Trust Shopper Traffic 30 Sept 2021

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