Mapletree Greater China Commercial Trust's Q2 DPU up 10.4% to 1.606 cents

SINGAPORE - High occupancy and healthy rentals in both Beijing and Hong Kong led to an 11.9 per cent rise in Mapletree Greater China Commercial Trust's (MGCCT) distributable income to $43.5 million for its second-quarter ended on Sep 30.

Distribution per unit (DPU) increased 10.4 per cent to 1.606 cents, which represented a yield of 6.7 per cent on an annualised DPU of 6.371 cents and Friday's closing price of 95 cents per unit.

Gross revenue increased 6.9 per cent to $67.5 million, while net property income increased 9 per cent to $55.1 million.

Ms Cindy Chow, the chief executive of the Reit's manager, said in a statement: "This good set of results is attributed to healthy rental reversions from Festival Walk and Gateway Plaza as well as proactive asset management and efficient cost management by the team."

Festival Walk has 100 per cent occupancy for both its retail and office sectors, while Gateway Plaza's occupancy rate came in at 98.6 per cent.

Both assets also saw high rental reversions from renewal of leases that boosted earnings - Festival Walk's rental uplift came in at 21 per cent while Gateway Plaza's was 32 per cent.

Despite ongoing protests in Hong Kong, MGCCT said Festival Walk is not adversely affected as the mall is situated in the Kowloon Tong area, away from the demonstrations taking place mainly in Central and Mongkok.

MGCCT unitholders will receive their DPU for the half year totalling 3.162 cents on Nov 24.

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