- Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 3QFY24 gross revenue and net property income (NPI) rose 0.8% and 1.7% y-o-y to S$241.6m and S$182.4m despite an increase in utility expenses by 6.8%.
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3QFY24 DPU fell 9.1% y-o-y but was within our expectations
- See Mapletree Pan Asia Commercial Trust's distributions. DPU for the quarter fell 9.1% y-o-y to S$0.022. Besides higher finance costs, there was a boost in 3QFY23 by the release of a one-off cross currency interest rate swap gain. Excluding this, the DPU decline in 3QFY24 would have been smaller at -1.8%.
- For 9MFY24, Mapletree Pan Asia Commercial Trust’s DPU dipped 10.1% to S$0.0662 and formed 74.8% of our FY24 forecast, in line with our expectations.
Sequentially higher portfolio committed occupancy of 96.7%
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Negative rental reversions narrowed in China & Hong Kong
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