COMMERCIAL PROPERTY | Staff Reporter, Singapore

Mapletree Commercial Trust’s net property income up 3.5% to $56.6m

Thanks to active asset, cost management.

Mapletree Industrial Trust (MCT) enjoyed a resilient third quarter to FY16 as it posted a net property income increase of 3.5% to $56.6m compared to 3QFY15’s $54.7m, which MIT attributes to active asset management and cost management.

The company further noted in a media release that VivoCity’s robust performance is particularly noteworthy as its YTD tenant sales and NPI climbed 2.5% and 8.1% respectively against the same period in FY15.

The company’s DPU stood at 2.08 S cents during the quarter, while gross revenue inched up 1.2% YoY to $73.8m 3QFY15’s $72.9m.

Occupancy rates at MCT’s office assets Mapletree Anson and PSA Building improved to 99.3% and 94.3% respectively. The company saw traditional vacancy from earlier expiring leases remain, though, leading to a 1.9% YoY slip in the YTD FY16 office portfolio NPI.

Meanwhile, MCT will suspend its distribution reinvestment plan after its distribution in 3QFY16.

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