On the valuation front, net asset value as at Mar 31 fell by five cents y-o-y to $1.73 excluding DPU payout. Assets under management fell by $324.9 million or 2.1% y-o-y to $15.2 billion. The uplift in the Singapore portfolio of $278 million was not able to offset the $602 million decline in the overseas portfolio due partly to divestments.
Mapletree Pan Asia Commercial Trust’s (MPACT) FY2026 (for the 12 months to March 31) results briefing made for sombre listening. Headline distributions per unit (DPU) were only marginally lower y-o-y for the full year to 7.97 cents, and would have been a positive 1.1% if not for a one-time tax charge for the sale of Festival Walk Tower. DPU for MPACT’s fourth quarter, for the three months to Mar 31, fell by 2.6% y-o-y to 1.9 cents, but would have been 4.6% higher excluding the one-off tax charge.
The DPU, gross revenue and net property income (NPI) declines across the board were due to lower overseas contributions, further dampened by a stronger SGD against HKD and JPY, and absence of full-period contribution from TS Ikebukuro Building (TSI), ABAS Shin-Yokohama Building (ASY) and Festival Walk Tower following their respective divestments on Aug 22 2025, Aug 28 2025 and Feb 2. The declines were offset by better performance in Singapore and lower interest costs.
