- Mapletree Pan Asia Commercial Trust (SGX:N2IU) reported 4Q DPU of S$2.29 cents, +4.1% q-o-q/+1.8% y-o-y. Full year DPU of S$8.91 cents, -7.3% y-o-y.
- Top-line growth was led by better Singapore performance and margins. This was partly offset by higher borrowing cost and continued weakness in overseas portfolio.
- - Read this at SGinvestors.io -
Resilient operations
- Mapletree Pan Asia Commercial Trust's revenue and NPI for 4QFY24 rose 2.6% and 3.2% y-o-y, respectively. Growth was led by Singapore portfolio. This, along with FX gains and contribution from Korean asset, more than offset higher borrowing cost, resulting in 1.8% growth in distribution.
- - Read this at SGinvestors.io -
- Portfolio reversion was +2.9%, led by Singapore (VivoCity +14%, MBC +6.7%). Most overseas assets saw negative reversion (Festival Walk -8.7%) while progressing towards stabilization. Supporting VivoCity’s strong reversion was 6.4% y-o-y tenant sales growth in 4Q. Management indicated the impact of higher tourism arrivals was limited.
- Festival Walk tenant sales fell ~10% y-o-y in 4Q due to surge in cross-border consumption.
Revenue growth offset by higher funding cost
- Read more at SGinvestors.io.
