Mapletree Commercial Trust's NPI up 17.6% to $103.30m in Q3

Its office and business park assets’ gross revenue and NPI rose.

Mapletree Commercial Trust (MCT) posted a 17.6% YoY net property income (NPI) growth to $103.30m in Q3 from $87.87m in 2019, according to an SGX filing. Its NPI margin ended at 78.7% in the same period.

Its distribution per unit (DPU) also inched up 5.6% YoY to 2.462 cents, whilst the amount available for distribution rose 18% YoY to $79m in Q3. Gross revenue rose 16.7% YoY to $131.34m to $112.54m in 2019.

VivoCity has contributed to MCT’s NPI growth as it posted 2.3% and 2.7% YoY increase in gross revenue and NPI, respectively. This was driven by higher rental income from new and renewed leases.

As for its office and business park assets, it saw 30.6% and 31.2% higher gross revenue and NPI in Q3, respectively. This was largely contributed by MBC II, higher rental income from the new/renewed leases at MBC I, renewed leases at PSA Building, and the effects of step-up rents in existing leases at both MBC I and MLHF.

As of 31 December 2019, the committed occupancy for MCT’s office/business park assets ranged from 90.6% at PSA Building to full commitment at MBC II and MLHF.

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