Mapletree Pan Asia Commercial Trust (N2IU) Q3 24/25 earnings summary

Executive summary

• 3Q FY24/25 DPU was 2.00 Singapore cents, with NAV per unit at S$1.73 and AUM at S$15.7 billion across 17 properties in five Asian markets.

• Portfolio committed occupancy stood at 90.0% with a WALE of 2.2 years; aggregate leverage was 38.2%.

• Divestment of Mapletree Anson completed on 31 July 2024 for S$775 million, with proceeds used for debt reduction.

• Singapore assets, especially VivoCity, provided stability and growth, offsetting overseas headwinds and currency impacts.

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

Financial highlights

• 3Q FY24/25 gross revenue was S$223.7 million, down 7.4% year-over-year, mainly due to Mapletree Anson divestment and weaker overseas contributions from currency effects.

• Net property income declined 8.5% yoy to S$166.9 million; net finance costs improved 9.7% yoy.

• DPU dropped 9.1% yoy to 2.00 cents; would have been 8.0% lower on a constant currency basis.

• YTD FY24/25 gross revenue was S$685.9 million (down 4.6% yoy), NPI S$514.0 million (down 5.7% yoy), and DPU 6.07 cents (down 8.3% yoy).

• Profit attributable to unitholders for YTD FY24/25 was S$188.9 million, down 41.1% year-over-year.

Outlook and guidance

• Singapore remains the cornerstone of stability, with high occupancy and positive rental reversions.

• Greater China faces near-term headwinds, but long-term prospects remain positive; Japan's localised challenges are contained.

• Management focus is on maintaining occupancy, steady rental income, cost management, and asset enhancement.