Mapletree Commercial Trust to pay out 1.753 cents a unit in Q1, up 14%

MAPLETREE Commercial Trust has chalked up a 26.4 per cent jump distributable income to $36.3 million in the first quarter, powered by stronger revenue from all its properties.

Available distribution per unit rose by 14.1 per cent to 1.753 cents, which will be paid on Sept 5.

Gross revenue was 26 per cent higher at $64.4 million for the three months to June 30.

This was largely due to positive contributions coming from all properties in the portfolio.

There was also new revenue stream amounting to $7.9 million from Mapletree Anson following its acquisition on Feb 4.

Revenue from the trust's flagship mall, VivoCity, was $3.5 million higher than the same period last year due to higher rental rates achieved on lease renewals.

PSA Building's revenue was $1.9 million higher, thanks to higher occupancy rate and higher rents on lease renewals.

Consequently, net property income increased by 31.4 per cent to $47.1 million.

For this quarter, the Reit manager is introducing a distribution reinvestment plan, which allows unitholders to receive their distributions either in additional units or cash or a combination of both.