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

Executive summary

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

• Divestment of Mapletree Anson completed on 31 July 2024, reducing overseas exposure and improving cost structure; proceeds used for debt reduction.

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

• Portfolio resilience supported by positive rental reversions and improved occupancy, except in China.

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

Financial highlights

• 3Q FY24/25 gross revenue was S$223.7m, down 7.4% yoy; NPI was S$166.9m, down 8.5% yoy; net finance costs improved 9.7% yoy.

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

• DPU for 3Q FY24/25 dropped 9.1% yoy to 2.00 cents; amount available for distribution was S$104.7m, down 9.2% yoy.

• Profit attributable to unitholders for YTD FY24/25 was S$188.9m, down 41.1% yoy.

Outlook and guidance

• Singapore remains the core stabilizing market, with high occupancy and positive rental reversions.

• Overseas markets face headwinds: Greater China impacted by currency depreciation and weak demand; Japan’s Makuhari submarket faces localised softness.

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

• Continued overseas headwinds expected into 2025, with focus on market-specific challenges.

• Aim to deliver sustainable value and pursue long-term growth in DPU and NAV.