- Mapletree Pan Asia Commercial Trust’s 2QFY25 results fell short of our expectations. Gross revenue and net property income (NPI) dipped 6.1% and 8.5% y-o-y to S$225.6m and S$167.7m, respectively. This was attributed to the loss of income from the divestment of Mapletree Anson on 31 Jul 2024 and higher property operating expenses.
2QFY25 DPU slipped 11.6% y-o-y to 1.98 Singapore cents and was below our expectations
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Mostly lower portfolio committed occupancy
- Mapletree Pan Asia Commercial Trust’s overall portfolio committed occupancy dipped 3.7 ppt q-o-q to 90.3% and this was the third consecutive quarter of decline. All assets except its Other Singapore Properties classification registered lower occupancy rates, with the largest fall coming from Japan (-11.9 ppt q-o-q to 82.3%). This was due largely to the lease expiry of a former top ten tenant within its portfolio.
Bifurcation in rental reversions with Singapore assets the bright spot
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