Mapletree Commercial Trust's Q3 distributable income rises by 24.2%

Mapletree Commercial Trust has achieved a 24.2 per cent rise in distributable income to $38.7 million for the third quarter.

Its distribution per unit for the three months to Dec 31 increased by 11.9 per cent to 1.865 cents.

Gross revenue climbed by 22.4 per cent to $68.4 million while net property income grew by 24.9 per cent to $49.4 million.

"We are pleased that we delivered another quarter of strong performance from all our assets," said Ms Amy Ng, chief executive officer of the trust manager.

"Third quarter sales at Vivocity was the highest achieved since the mall's opening. There was also strong support from banks for our refinancing initiatives."

Mapletree Commercial has received binding offers for up to $600 million of term loan facilities from various banks.

As at Jan 22, it has accepted and executed loan agreements for an aggregate of $397.6 million.

The loan will be drawn to refinance the current borrowings of $338.6 million when it is due in April and to prepay $59 million of the debt expiring in the financial year ending 2018.

VivoCity's gross revenue and net property income in the first nine months to Dec 31 grew by 9 per cent and 11.2 per cent respectively.

With strong support from new and existing tenants, good leasing progress was made, with 94 per cent of leases expiring this financial year having been renewed or re-let, with a rental gain of 38.7 per cent.

Gross revenue and net property income for PSA Building in the same period rose by 18 per cent and 19.6 per cent respectively.

Occupancy has improved over the past two years due to the growing attraction of the Alexandra precinct as an office location, with PSA Building office reaching 100 per cent occupancy and Alexandra Retail Centre achieving 97.4 per cent committed occupancy.

Unitholders can expect to receive their distribution on March 7.

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