Mapletree Pan Asia Commercial Trust NPI rises 15.2% to $727.9m in FY23/24

The REIT's Singapore portfolio helped boost its NPI.

The strong performance of Mapletree Pan Asia Commercial Trust's (MPACT) Singapore portfolio helped boost the REIT's net property income (NPI) to $727.9m in FY23/24, rising 15.2% YoY.

Apart from its Singapore portfolio, MPACT said the full-year contribution from the overseas assets acquired through the merger also contributed to its improved NPI. 

In the same period, MPACT recorded a 16.0% YoY higher revenue of $958.1m and a 5.2% higher amount available for distribution to Unitholders of $468.6m.

Despite posting expansion in NPI and revenue, MPACT still recorded a 7.3% YoY lower distribution per unit of $0.0891 due to higher interest rates.