Mapletree Pan Asia Commercial Trust (N2IU) Q4 24/25 earnings summary

Executive summary

• Q4 FY 2024-2025 gross revenue was SGD 222.9 million and NPI SGD 169.5 million, both down year-on-year due to Mapletree Anson divestment and lower overseas contributions.

• Full year gross revenue was SGD 908.8 million, NPI SGD 683.5 million, down 5.1% and 6.1% year-on-year, partially offset by stronger Singapore performance and lower OpEx.

• Singapore assets, led by VivoCity, delivered growth in gross revenue and NPI, offsetting some overseas headwinds.

• Portfolio valuation stands at SGD 16 billion as of March 31, 2025, with Singapore assets showing strong operational-led uplift.

• Aggregate leverage improved to 37.7% from 40.5% a year ago, following debt reduction from divestment proceeds.

Financial highlights

• Q4 gross revenue and NPI declined 6.8% and 7.4% year-on-year, mainly due to asset divestment and weaker overseas performance.

• FY24/25 DPU was 8.02 Singapore cents, down 10.0% year-on-year; Q4 DPU was 1.95 Singapore cents, down 14.8%.

• NAV per unit rose to SGD 1.78 as at March 2025, up 1.7% year-on-year.

• Net finance expense fell 9.4% year-on-year to SGD 61.1 million, reflecting lower borrowings.

• Amount available for distribution was SGD 103.6 million for Q4.

Outlook and guidance

• Singapore expected to remain a point of stability with high committed occupancies and positive rental reversions.

• Expect continued headwinds in China and Hong Kong, with negative rental reversions likely to persist but contained.

• Interest rates expected to remain in the mid-threes for the next 12 months, with potential for gradual reduction as swaps roll off.

• Management will focus on preserving occupancy, prudent cost management, and selective asset enhancement initiatives.

• Portfolio optimisation, especially in Japan, will be actively reviewed.