SINGAPORE - Mapletree Commercial Trust enjoyed a positive first quarter, with a 9.9 per cent jump in distribution per unit to 2.23 cents, up from 2.03 cents previously.
It recorded gains in both gross revenue and net property income, the manager said on Thursday (July 27).
Revenue jumped 46.9 per cent to $107.8 million for the three months ended June 30. Net property income surged 49.6 per cent to $84.2 million.
The manager attributed the higher turnover to contributions from Mapletree Commercial Trust's integrated office and business park in the Alexandra area, Mapletree Business City I, which was acquired in August 2016.
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There was also a growth in revenue for recently renovated shopping centre VivoCity, mainly on the back of higher rental income, and for office tower Mapletree Anson, which saw improved occupancy.
Lower tariff rates helped to cut utilities costs at Mapletree Commercial Trust's portfolio of properties, which offset a steep $23.6 million hike in property operating expenses.
The manager noted the muted outlook in the retail and business park sectors, as well as the "patchy" forecast for the office market.
Still, it said that VivoCity's "relatively stable performance", coupled with "manageable expiries" in its other two segments, are expected to support a resilient five-asset portfolio.
Mapletree Commercial Trust units closed one cent, or 0.62 per cent higher at $1.63, before results were announced.