REIT AsiaPac

Sign up for our FREE news and magazine on Asia Pacific REITs

Mapletree North Asia Commercial Trust Announced a 13.3% Full Year DPU Decline

April 23, 2021 – Mapletree North Asia Commercial Trust financial results for the full year from 1 April 2020 to 31 March 2021 reflecting a distribution per unit (DPU) of 6.175 Singapore cents.

The current DPU is 13.3% lower than the 7.124 Singapore cents DPU in the previous year. Mapletree North Asia Commercial Trust attributed this to the effects of the pandemic on the business, as was cushioned by acquisitions in Japan and South Korea.

Ms. Cindy Chow, Chief Executive Officer of the Manager, said, “While the DPU for the full year FY20/21 declined by 13.3% compared to the previous year, we are encouraged by the 14.7% increase in DPU for 2H FY20/21 over 1H FY20/21. This was achieved primarily with a lower quantum of rental reliefs granted to our retail tenants at Festival Walk mall during this period given the improvement in retail sales and footfall, and the progressive easing of restrictive COVID-19 measures in Hong Kong SAR.”

“Our diversification strategy with the acquisitions of MBP and Omori and the joint venture that acquired The Pinnacle Gangnam also added to MNACT’s resilience. The overall environment continued to be challenging, but we managed to maintain a high portfolio occupancy of 97% at the end of March 2021.”

Read more here..

Related News

Mapletree North Asia Commercial Trust 1H FY2020/2021 DPU declined 26% Largely Due To Rental Reliefs