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

Executive summary

• Gross revenue and net property income (NPI) for 1Q FY24/25 remained stable at S$236.7 million and S$179.4 million, respectively, with Singapore assets offsetting 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 for S$775 million, expected to complete by 31 July 2024, aims to optimise the portfolio, lower leverage, and deliver DPU accretion.

• Total assets under management stood at S$16.5 billion as of 30 June 2024, spanning 18 commercial properties across five Asian markets.

Financial highlights

• Gross revenue: S$236.7 million, down 0.2% year-over-year.

• NPI: S$179.4 million, up 0.1% year-over-year, with a margin of 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.

• Profit after tax attributable to unitholders: S$101.6 million, down 4.4% year-over-year.

• Net asset value per unit: S$1.76 as of 30 June 2024.

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

Outlook and guidance

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

• Overseas markets face headwinds from FX volatility, lower occupancy, and market softness, especially in China and Japan.

• Major revitalisation at VivoCity Basement 2 is expected to deliver a 10% ROI and enhance shopper experience.

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

• Manager focuses on maintaining healthy occupancy, steady rental income, and cost management, with asset enhancement initiatives underway.