Mapletree Pan Asia Commercial Trust (N2IU) Q1 24/25 earnings summary

Executive summary

• 1Q FY24/25 gross revenue and NPI remained stable at S$236.7 million and S$179.4 million, supported by strong Singapore operations despite overseas volatility and FX headwinds.

• Distribution per Unit (DPU) was 2.09 Singapore cents, down 4.1% year-over-year, mainly due to higher finance costs and FX impacts.

• Portfolio committed occupancy remained healthy at 94.0%, with Singapore assets anchoring stability.

• Strategic divestment of Mapletree Anson, a non-core asset, is expected to enhance financial flexibility, lower leverage, and deliver DPU accretion.

Financial highlights

• Gross revenue: S$236.7 million, nearly flat year-over-year.

• NPI: S$179.4 million, stable year-over-year; NPI margin at 75.8%.

• Amount available for distribution: S$110.8 million, down 3.5% year-over-year.

• DPU: 2.09 Singapore cents, down from 2.18 cents year-over-year.

• Net finance costs increased 9.8% year-over-year to S$59.4 million.

• Aggregate leverage: 40.5% as at 30 June 2024.

• Net asset value per unit: S$1.76.

Outlook and guidance

• Market faces headwinds from geopolitical tensions, inflation, and high interest rates.

• Singapore portfolio expected to remain resilient with high occupancy and positive rental reversions.

• Major asset enhancement at VivoCity Basement 2 underway, targeting 10% ROI and completion by end-2025.

• Post-divestment, Singapore will comprise over 50% of the portfolio, reinforcing its role as the cornerstone market.