Mapletree Commercial net property income up 10.7% y-o-y to $189.56m

Portfolio occupancy hovered at 96%.

Mapletree Commercial Trust's net property income was up 10.7% to hit $189.56m.

This was mainly due to lower rental rebates when compared to a year ago. 

1HFY21 DPU also saw a similar increase by 5.3% y-o-y to 4.39 cents. 

Sharon Lim, CEO, Mapletree Commercial Trust Management, has pointed to their office and business park assets having an occupancy rate of 86%. This, according to her, extended their lease expiry profile. 

Income available for distribution also saw an 18.7% increase to $146.46m.

Portfolio NPI, meanwhile, increased 19.7% y-o-y, with a 77.9% NPI margin. 

VivoCity also saw tenant sales for 1HFY21 remain at around 75% of pre-Covid levels, with the property having a 99.6% committed rate as of September 30, 2021.