Singapore REITs

Mapletree North Asia Commercial Trust’s 3Q FY19/20 Distribution Per Unit Declines 13.3%

20 January 2020 — Mapletree North Asia Commercial Trust announced that its distribution per unit or the period from 1 October 2019 to 31 December 2019 declined to 5.558 Singapore cents from 5.734 Singapore cents in the previous year.

Gross revenue for period decreased by 36.3% to S$67.3 million, compared to 3Q FY18/19, while net property income (“NPI”) declined by 40.% to S$50.8 million.

This was primarily due to lower revenue from Festival Walk as a result of rent relief granted and the closure of the mall since 13 November 2019, lower revenue from one of the Japan Properties due to expiry of the single tenancy for the building and conversion into multi-tenancies, and lower revenue from Gateway Plaza due to lower average occupancy. There was also lower average rate of HKD and RMB, partially offset by higher average rate of JPY.

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