Mapletree Commercial Trust posts 3.1% rise in DPU for Q1

SINGAPORE - A decrease in operating expenses and an increase in turnover helped Mapletree Commercial Trust (MCT) post a first-quarter distribution per unit (DPU) of 2.01 cents, a 3.1 per cent growth compared with the same period a year before.

Income available for distribution in the first quarter rose 3.8 per cent to $42.5 million.

Gross turnover increased 1.6 per cent to $69.7 million .

Net property income (NPI) was up 5 per cent at $54.3 million, helped by a robust NPI uplift at VivoCity of 8.8 per cent.

Thanks to a focus on improving operational efficiencies and cost management, MCT's property operating expenses dropped by 9 per cent from the previous year to $15.5 million.

Despite the trading downtime caused from tenant renovations during the quarter and VivoCity's expansion of its Basement 1 retail space, tenant sales remained relatively resilient.

The new retail space at Basement 1 is now completed and all occupying tenants have started trading operations.

Including VivoCity, the real estate investment trust (Reit) has a portfolio of four properties - Bank of America Merrill Lynch HarbourFront, PSA Building and Mapletree Anson.

Mapletree Commercial Trust units remained unchaged and closed at $1.44 today.