Mapletree Commercial Trust has reported a distribution per unit of 4.39 cents for 1HFY2021 ended Sept 30, up 5.3% y-o-y.
During the period, MCT’s gross revenue was $243.7 million, up 11.5% y-o-y, whereas its net property income was $189.9 million, up 10.7% y-o-y, mainly due to lower rental rebates and compensation from a lease pre-termination at mTower.
Sharon Lim, CEO of the REIT manager, notes that during the six months to Sept 30, MCT gave its eligible tenants rebates equivalent to some 1.1 months of fixed rental.
As at Sept 30, VivoCity, MCT’s key asset, was 99.6% committed, versus an overall committed portfolio occupancy of 96%.
MCT owns five assets with a total net leasable area of 5 million square feet with a total value of $8.8 billion.
Given the high vaccination rates, Lim is “hopeful” of the impending recovery of the broader economy.
“We will press on with our proactive asset management approach and position our properties well for the eventual upturn,” she adds.
MCT closed Oct 27 at $2.17, up 0.93% for the day and up 1.4% year to date.
Photo: Vivocity / Mapletree Commercial Trust