Mapletree Commercial Trust 2HFY20/21 Financial Results

Mapletree Commercial Trust VivoCity

Mapletree Commercial Trust has released its 2HFY20/21 and full year FY20/21 financial results on 27th April 2021. I was surprised that it was able to increase its DPU despite its retail suffering from the impact of COVID-19 pandemic.

This is all thanks to the government grants and Mapletree Business City. How did Mapletree Commercial Trust fare? Let us take a look below.

2H FY20/21 Financial Results

The Gross revenue before government grant was 1.5% lower at S$25.8 mil in 2H FY20/21 as compared to S$26.1 million in 2H FY19/20. Gross revenue rose 0.6% after government grant.

Net Property Income rose 1.8% year-on-year mostly due to Mapletree Business City (“MBC”) II’s full period contribution and tapering of COVID-19 rental rebates.

2H FY20/21 distribution per unit (“DPU”) up 57.9% to 5.32 Singapore cents, includes part release of the retained cash carried forward from 4Q FY19/20.

2H FY20/21
2H FY19/20
Gross Revenue 260,326 258,656 0.6%
Net Property Income 205,551 201,869 1.8%
Distributable Amount 176,298 109,147 61.5%
Distribution Per Unit (“DPU”) (cents) 5.32 3.37 57.9%

FY20/21 Full Year Financial Results

MBC II’s maiden full year contribution provided cushion against COVID-19 impact. Full year Distribution Per Unit (DPU) totalled 9.49 Singapore cents, up 18.6% year-on-year.

Gross Revenue 478,997 482,825 (0.8)%
Net Property Income 377,010 377,940 0.2%
Distributable Amount 314,720 243,218 29.4%
Distribution Per Unit (“DPU”) (cents) 9.49 8.00 18.6%


Overall portfolio committed occupancy stood at 97.1%. The committed occupancies for mTower and MCT’s portfolio would be 79.7% and 95.9% respectively assuming the lease pre-termination has occurred before 31st March 2021 and the space had remained uncommitted as of 31st March 3021.

Mapletree Commercial Trust Occupancy 2H FY2021


Gearing ratio stood at 33.3% which is currently healthy. Average Term to Maturity of Debt stood at 4.4 years.

The best thing is 100% of the assets remain unencumbered.

Mapletree Commercial Trust Debt Maturity 2H FY2021

Current Dividend Yield

Based on the full year dividend payout of 9.49 cents and current share price of S$2.19, this translate to a current dividend yield of 4.33%.

Mapletree Commercial Trust Share Price 30 Apr 2021


I am glad that Tenant sales have recovered to more than 86% of 2019 pre-COVID levels. At current dividend yield of 4.33%, it is still attractive to buy into Mapletree Commercial Trust.

Vivo Monthly Shopper Traffic and Tenant Sales Mar 2021

The retail sector has yet to reach full recovery as this is highly dependent on the reopening of
Singapore’s borders. However, the retail sector is expected to bottom out in late 2021 and potentially recover gradually from 2022. Competition from e-commerce and tight labour supply will continue to pose challenges.

Mapletree Commercial Trust 1QFY20/21 Financial Results

Mapletree Commercial Trust VivoCity

Mapletree Commercial Trust has announced their 1QFY20/21 financial results on 23rd July 2020. No distribution was declared as Mapletree Commercial Trust has adopted the new half-yearly reporting framework with effect from FY20/21. Any distributions to Unitholders is on a half-yearly basis with effect from FY20/21.

Similar to other shopping malls, VivoCity’s 1Q FY20/21 shopper traffic and tenant sales were impacted by eight-week circuit breaker and other COVID-19 restrictions.

Gross revenue and Net Property Income (“NPI”) was down 10.5% and 10.7% respectively from 1Q FY19/20. The decline was mainly due to COVID-19 rental rebates disbursed during the quarter but was mitigated by contribution from Mapletree Business City II (“MBC II”) acquired in November 2019.

1QFY20/21 Financial Results

Gross Revenue 100,347 112,128 (10.5%)
Net Property Income 78,864 88,347 (10.7%)


As of 30th June 2020, occupancy stood at 98.2%. Mapletree Business City (“MBC”) continues to provide support and stability.

MCT Occupancy 30 June 2020


As of 30th June 2020, gearing ratio stood at 33.7%. 100% of the assets remained unencumbered. This is the best thing I like about Mapletree Commercial Trust.

New facilities secured and on track to refinance all borrowings due in FY20/21 and FY21/22.

MCT Debt Maturity 30 June 2020

Current Dividend Yield

Based on the current share price of S$1.90 and FY19/20 full year distribution of 8 cents, this translate to a current dividend yield of 4.21%.

If we based on FY18/19 full year distribution of 9.14 cents, the current dividend yield is 4.81%.

In my opinion, the dividend yield is not very attractive at the current share price.

Mapletree Commercial Trust Share Price 29 July 2020


Mapletree Commercial Trust makes up 10.06% of my stock portfolio and thus it is unlikely I am going to increase my allocation of Mapletree Commercial Trust.

The acquisition of MBC has added diversification to its portfolio consisting of retail and offices. As such, the impact by COVID-19 is not felt as strongly as compare to pure retail reits such as CapitaLand Mall Trust.

Having said that, as companies and businesses impacted by COVID-19 move to contain costs, more are pursuing to downsize through renewals or relocations. In Q2 2020, office rents corrected for the second consecutive quarter. Looking forward, vacancy levels are likely to rise as the volume of secondary space increases due to the relocations of major occupiers. Coupled with subdued demand, CBRE expects further downward pressure on rents in the second half of 2020.