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Mapletree North Asia Commercial Trust DPU Up 2.8% In H2

April 20, 2022 – Mapletree North Asia Commercial Trust announced its financial results for the full year from 1 April 2021 to 31 March 2022.

The REIT said the increase in gross revenue and net property income (NPI) in FY21/22 and 2H FY21/22, compared to FY20/21 and 2H FY20/21, was mainly due to (a) lower rental reliefs granted to the retail tenants at Festival Walk compared to the same period last year; (b) contribution from HPB acquired on 18 June 2021; and (c) a stronger average rate of RMB against SGD.

The increase was partially offset by lower average rental rates at Festival Walk mall and Gateway Plaza as well as lower average rates of HKD and JPY against SGD.

DPU for FY21/22 was 6.819 cents, 10.4% higher than FY20/21, taking into account the increase in gross revenue and NPI, distribution of Festival Walk’s insurance proceeds in excess of the distribution top-ups in FY19/20 and contribution from The Pinnacle Gangnam5 acquired on 30 October 2020. For 2H FY21/22, DPU increased by 2.8% compared to that in 2H FY20/21.

Ms. Cindy Chow, Chief Executive Officer of the MNACT Manager, said, “We are pleased to report a year- on-year DPU growth of 10.4% for FY21/22. We have continued to maintain high occupancy levels across our properties through proactive leasing, and delivered on our strategy to diversify MNACT’s income streams through the acquisitions of HPB in Tokyo and The Pinnacle Gangnam in Seoul.”

Read more here..

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