- Mapletree Pan Asia Commercial Trust (SGX:N2IU) delivered resilient 2QFY25/26 results, with Singapore once again anchoring performance amid overseas softness. Gross revenue fell 3.2% y-o-y to S$ 218.5 mn while NPI slipped 2.2% y-o-y to S$ 163.9 mn.
2QFY26 DPU up 1.5% y-o-y to 2.01 cents, ahead of estimates.
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- On a stable currency basis, portfolio gross revenue and NPI would have seen lower declines at -2.0% and -1.1% y-o-y respectively. Distributable income for the quarter rose 2.1% y-o-y to S$106.2m as MPACT benefitted from a substantial 16.4% decline in quarterly financing expense.
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Singapore assets press on for further growth.
- Portfolio metrics remained resilient in the quarter with committed occupancy at 88.9% (down slightly q-o-q), with flattish portfolio reversions of -0.1% in the quarter. Singapore continues to fuel growth. SG revenue and NPI rose 3.5% and 6.1% y-o-y respectively, underpinned by VivoCity’s strong 7.7% y-o-y growth in NPI.
- VivoCity saw a decent 3.5% y-o-y increase in tenant sales supported by strong supermarket sales and SG60 vouchers, despite partial AEI downtime in the quarter as Phase 2 of AEI in basement expansion sees completion. Income from MBC also saw a higher one-off income associated with tenant termination.
- VivoCity continues to bring about bright spots for the portfolio with strong reversions (+14%), upside from AEI completion (>10% ROI) and room to move occupancy further at MBC with two prospective tenants in negotiation for space now.
/ Overseas weakness to remain a status quo, but priced in.
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