Mapletree North Asia Commercial Trust's Distribution Per Unit Declines 7.4%

Mapletree North Asia Commercial Trust’s Distribution Per Unit Declines 7.4%

April 29, 2020 — Mapletree North Asia Commercial Trust Management Ltd., announced MNACT’s financial results for the quarter from 1 January 2020 to 31 March 2020 (“4Q FY19/20”).

Gross revenue for 4Q FY19/20 decreased by 26.2% to S$76.8 million, compared to 4Q FY18/19, while net property income (“NPI”) declined by 32.2% to S$56.9 million. This was primarily due to rental reliefs granted to tenants at Festival Walk of S$10.3 million as a result of COVID-19 as well as the closure1 of the mall from 1 to 15 January 2020. There was also lower average occupancy at Gateway Plaza, and lower average rate of RMB against SGD. However, the decline in gross revenue and NPI was partially offset by the maiden contribution from MBP and Omori following the completion of acquisitions on 28 February 2020 as well as the higher average rates of HKD and JPY against SGD. The Manager has waived the acquisition fee of S$3.5 million, to which it is entitled for the acquisitions of MBP and Omori, to demonstrate its support of the initiatives to achieve greater diversification of MNACT’s portfolio.

Finance costs in 4Q FY19/20 increased by S$0.3 million compared to 4Q FY18/19 mainly due to borrowings to fund the acquisitions of MBP and Omori.

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