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.
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.
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.
