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Bond Market News
Mapletree Commercial Trust Reports Revenue Growth of 11.5%
October 28, 2021
Mapletree Commercial Trust (MCT) reported that its 1H2021 gross revenue and net property income (NPI) rose 11.5% and 10.7% YoY to S$243.7mn ($181mn) and S$189.9mn ($141mn) respectively. Its distributable income grew 18.7% YoY to S$146.5mn ($109mn). The rise in income was mainly due to lower rental rebates and compensation received from pre-terminated lease at mTower. As stated in the trust manager’s filing to the Singapore Exchange, MCT’s 1H2021 Distribution per Unit (DPU) was up 5.3% YoY to S$0.0439 from S$0.0417. MCT noted that the trust had achieved portfolio rental reversion of 2.3% for 1H2021. CEO Sharon Lim added that “we continued to deliver sustained performance in 1H FY21/22 despite protracted COVID-19 restrictions … we will press on with our proactive asset management approach and position our properties well for the eventual upturn”.
Mapletree Commercial Trust SGD 3.11% 2026s traded steady at 105.708, yielding 1.86%.
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