Mapletree Commercial Trust says it recorded a DPU of 0.9564 cents for the period from its listing date to 30 June 2011. This is an increase of 8.7% over the forecast DPU of 0.8795 cents.
The DPU is 100% of the income available for distribution for the period. Unitholders can expect to receive the distribution on Sept 1.
Mapletree Commercial Trust says VivoCity continues to show robust performance with close to 100% occupancy. Shopper traffic and tenant sales increased by 16% and 12%, respectively, for the period from April 1 2011 to June 30 2011 over the same period in 2010.
Both VivoCity’s gross revenue and net property income for the period from the listing date to June 30 2011 exceeded the forecast by 1.3% and 2.2%, respectively.
“VivoCity remains an attractive location for both international and local retailers with internationally renowned brands, such as Coach and Uniqlo, being among the latest to establish presence at the mall. The high tenant retention achieved, coupled with the strong demand for space from prospective retailers, further strengthens VivoCity’s position as a leading destination mall in Singapore,” says Mapletree Commercial Trust.
For Mapletree Commercial Trust’s office portfolio, the occupancy level as at 30 June 2011 is 92.8% compared to fringe office occupancy at 91.7%. Rental income for the office portfolio also came in line with forecast.
Gross revenue for the office portfolio was marginally below forecast due to lower carpark income and income from after office hours air-conditioning recharges at PSA Building, which is undergoing asset enhancement work. However, this was offset by a reduction in operating expenses, resulting in the Net Property Income for the office portfolio exceeding forecast by 1.0%.
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