The manager of Mapletree Commercial Trust (MCT) has reported distribution per unit (DPU) of 5.32 cents for the 2HFY2020/2021 ended March, 57.9% higher than DPU of 3.37 cents for the corresponding period the year before.
Distributable amount for the 2HFY2020/2021 stood 61.5% higher y-o-y at $176.3 million, which includes the release of $13.0 million from the retained cash carried forward from the 4QFY2019/2020.
FY2020/2021 DPU also increased by 18.6% to 9.49 cents from DPU of 8.00 cents in the FY2019/2020.
FY2020/2021 distributable amount rose 29.4% y-o-y to $314.7 million, including the release of $28.0 million from the retained cash brought forward from the 4QFY2019/2020.
Gross revenue for the 2HFY2020/2021 inched up 0.6% y-o-y to $260.3 million due to the full period of contribution from MBC II of $44.2 million and the lower rental rebates granted to eligible tenants during the half-year period.
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Sans the government grant of $2.7 million in rebates, gross revenue for the period fell 1.5% y-o-y to $257.6 million.
Property operating expenses fell 3.5% y-o-y at $54.8 million due to lower staff costs, property maintenance expenses, utilities expenses, as well as other fees and expenses.
Accordingly net property income (NPI) for the 2HFY2020/2021 was up by 1.8% y-o-y to $205.6 million.
FY2020/2021 gross revenue stood 0.8% lower y-o-y to $479.0 million, mainly due to the rental rebates granted to eligible tenants. The lower gross revenue was partly offset by the FY contribution from MBC II.
Gross revenue without the government grants of $2.7 million for the FY stood 1.9% lower y-o-y at $476.3 million.
Property operating expenses for the FY2020/2021 stood 2.8% lower y-o-y at $102.0 million due to lower staff costs and other expenses.
NPI for the FY2020/2021 fell 0.2% y-o-y to $377.0 million.
According to the manager, VivoCity’s tenant sales and shopper traffic have recovered since phase two of re-opening from June 19.
Monthly tenant sales in 4QFY2020/2021 have recovered to over 86% of pre-Covid-19 levels.
The mall had an occupancy rate of 99.1% as at March 31.
FY2020/2021 revenue for VivoCity stood $41.1 million lower y-o-y due to the rental rebates granted, lower rental income, negative rental reversion, lower occupancy rate and lower turnover rent.
MCT’s office/business park assets saw 13.7% and 14.7% higher gross revenue and NPI respectively due largely to MBC II’s full year contribution and higher contribution from Mapletree Anson.
MBC I and mTower had occupancy rates of 94.6% and 91.7% respectively. MBC II, Mapletree Anson and Bank of America Merrill Lynch HarbourFront (MLHF) reported full occupancy.
Revenue for Mapletree Anson for the FY2020/2021 was $2.7 million higher y-o-y due to higher rental income and a step-up rent in existing leases.
Revenue for MLHF fell $0.2 million y-o-y for the FY2020/2021 due to lower other income and offset by step-up rent in existing leases.
Revenue for MBC I fell $4.1 million y-o-y in the FY2020/2021 mainly due to lower rental income from lower occupancy and lower other income.
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Revenue for mTower fell $9.9 million in the FY2020/2021 mainly due to lower rental income from lower occupancy, lower carpark income and rental rebates granted to tenants.
As at March 31, MCT posted a portfolio occupancy rate of 97.1% with a weighted average lease expiry (WALE) of 2.4 years by portfolio.
Cash and cash equivalents as at March 31 stood at $192.5 million.
Unitholders can expect to receive their distributions on June 4.
Units in MCT closed 1 cent lower or 0.5% down at $2.13 on April 27.
