Mapletree Greater China Commercial Trust's full-year NPI up 3% to $214.29m

Revenue growth from Festival Walk, Gateway Plaza, and Sandhill Plaza boosted earnings.

Mapletree Greater China Commercial Trust's (MGCCT) full-year net property income (NPI) slightly rose by 3% YoY from $208.1m to $214.29m.

According to its financial results, gross revenue rose 3.8% YoY to $265.5m mainly due to revenue growth from three properties as a result of higher rent.

Festival Walk, Gateway Plaza, and Sandhill Plaza made up 70%, 24%, and 6% of the portfolio gross revenue respectively.

Property operating expenses rose by 7.2% YoY to $51.2m, no thanks to higher property tax incurred at Gateway Plaza and higher property and lease management fee.

Distributable income increased by 4.8% YoY to $157.1m and distribution per unit (DPU) grew by 3.6% YoY from 5.39 cents to 5.58 cents per unit.