Mapletree Pan Asia Commercial Trust (N2IU) Q1 25/26 earnings summary

Executive summary

• Portfolio consists of 17 commercial properties across five Asian gateway markets, with S$15.7 billion in AUM as of 30 June 2025.

• 1Q FY25/26 performance was resilient, driven by Singapore's stability and strategic divestments, offsetting overseas headwinds.

• Distribution per Unit (DPU) was 2.01 Singapore cents, with NAV per unit at S$1.74.

• Divestment of Mapletree Anson completed in July 2024; agreements for two Japan properties signed in July 2025, with completion expected by 2Q FY25/26.

• Distribution policy remains at a minimum of 90% of taxable and tax-exempt income.

Financial highlights

• Gross revenue for 1Q FY25/26 was S$218.6 million, down 7.6% year-over-year, mainly due to divestment and weaker overseas contributions.

• Net Property Income (NPI) fell 7.5% year-over-year to S$166.0 million.

• DPU decreased 3.8% year-over-year to 2.01 Singapore cents.

• NAV per unit declined to S$1.74 from S$1.78 sequentially.

• Profit after tax attributable to unitholders was S$100.5 million, a 1.1% decrease year-over-year.

Outlook and guidance

• Geopolitical and macroeconomic headwinds expected to persist, with muted business confidence and consumer sentiment.

• Singapore remains the core foundation, providing long-term stability.

• Active portfolio management, selective asset enhancement, and tenant retention measures to continue.