MCT – BT

MCT posts DPU of 1.333cents for Q2

Net property income was $31.7m and income available for distribution, $24.8m

MAPLETREE Commercial Trust (MCT) yesterday announced a distribution per unit of 1.333 cents for the second quarter ended September, beating its forecast DPU of 1.218 cents by 9.4 per cent.

This translates to an annualised distribution yield of 6 per cent, based on the IPO price of 88 cents per unit.

For the period April 27 (its listing date) to Sept 30, its aggregate DPU is 2.289 cents, exceeding the IPO forecast of 2.097 cents by 9.1 per cent.

MCT achieved net property income of $31.7 million, 2.5 per cent above its forecast for the quarter.

Income available for distribution for the quarter was $24.8 million, beating its forecast by 9.4 per cent mainly due to the higher net income and lower interest costs on borrowings.

In particular, the company enjoyed a favourable average all-in interest rate of 1.95 per cent, compared with the forecast 2.43 per cent, said the manager, Mapletree Commercial Trust Management (MCTM).

VivoCity mall – which has close to 100 per cent occupancy – saw both tenant sales and shopper traffic increase 9.4 per cent and 13.9 per cent respectively year-on-year, for the period from April 1 to Sept 30.

With the new leases and renewals committed to date, a significant portion of the leases expiring this financial year have been renewed or re-let, providing rental uplift of approximately 20 per cent.

For its office portfolio, MCT achieved an occupancy level of 95.2 per cent, from last quarter’s 92.8 per cent, higher than the fringe office occupancy rate of 91.7 per cent for Q2.

Alexandra Retail Centre (ARC), the section of PSA Building now being upgraded, is also on track for completion by December.

‘We are also planning to progressively open some F&B and retail tenants soon after completion to serve our office tenants and both the working and residential population in the vicinity,’ said Amy Ng, chief executive of MCTM.

MCT ended trading yesterday half a cent higher at 86 cents.