Mapletree Pan Asia Commercial Trust has reported a distribution per unit of 2.25 cents for 4QFY2023 ended March, bringing full year payout to 9.61 cents, up 6.1%.
Net property income for the year was up 62.6% to $631.9 million, while revenue was up 65.4% to $826.2 million.
MPACT was the result of a merger of two other Mapletree REITs: Mapletree Commercial Trust and Mapletree North Asia Commercial Trust. This is the first full-year results announcement by the combined entity.
The merged entity's portfolio comprises 18 commercial properties across five markets of Asia — five in Singapore, one in Hong Kong, two in China, nine in Japan and one in South Korea.
These properties have a total NLA of 11.0 million square feet and are independently valued at $16.6 billion as at March 31.
During the year, VoviCity, the REIT's key asset, achieved record tenant sales of more than $1 billion. The mall, one of the largest in Singapore, will be embarking on a series of asset enhancement activities that the REIT manager says will generate an ROI of more than 20%.
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Sharon Lim, CEO of the REIT manager, warns that the journey to post-pandemic recovery will be uneven, particularly due to the fragile global economy and recent downturns in the tech and finance sectors.
"Nevertheless, the renewal of several key leases in FY22/23 places us in a comparatively resilient position, and we will deploy targeted strategies to address market changes.
"We will also prioritise maintaining our balance sheet strength, which underpins MPACT’s overall stability," adds Lim.
MPACT closed April 27 at $1.77, down 1.12%.
