- Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 2QFY26 gross revenue and net property income (NPI) fell 3.2% and 2.2% y-o-y to S$218.5m and S$163.9m respectively. This was due to the absence of contribution from Mapletree Anson which was divested on 31 Jul 2024 and lower income from its overseas properties, but partially offset by stronger performance from VivoCity and MBC and reduced utility expenses.
2QFY26 DPU improved by 1.5% y-o-y and met our expectations.
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- For 1HFY26, Mapletree Pan Asia Commercial Trust's DPU fell 1.2% y-o-y to 4.02 Singapore cents. This set of results met our expectations as 1HFY26 DPU formed 49.3% of our FY26 forecast.
Portfolio committed occupancy fell 0.4 ppt q-o-q to 88.9%.
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- Other reported property segments registered an increase in occupancy, including China (+0.4 ppt to 86.3%), with the exception of The Pinnacle Gangnam in Korea which maintained its high occupancy of 99.9%. 1HFY26 portfolio rental reversions came in at -0.1%, which was a deterioration as compared to 1QFY26’s +1.4%, as strong rental uplifts in VivoCity (+14.1%) was offset by MBC (-2.9%), Festival Walk (-10.1%) and its China properties (-21.6%).
Rental reversions slipped to mild negative territory of -0.1% in 1HFY26.
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