The manager of Mapletree Commercial Trust Management said has the trust recorded a DPU of 1.537 cents for 1Q FY 2012/13 (the period from 1 April 2012 to 30 June 2012). This is an increase of 20.6% over the Forecast DPU of 1.274 cents.
Comparing against 1Q FY 2011/12 (after adjusting for the equivalent period), DPU improved by 15.2%.
VivoCity’s gross revenue and net property income for the period exceeded forecast by 3.0% and 6.2% respectively. Shopper traffic at the mall in 1Q FY 2012/13 had increased by 6.5% from last year.
Tenant sales were up by 2.0% year-on-year due to a number of tenants undergoing fit-out during the period. Although a majority of the leases expiring this year are in the second half, close to 50% of these lease renewals have been finalised.
Management said with the strong support from its tenants and given that the leases expiring this year were last renewed during the global financial crisis in 2009, it has achieved strong fixed rent uplift of over 35%.
PSA Building’s gross revenue and net property income for the period exceeded forecast by 31.2% and 29.2% respectively, largely due to the earlier than opening of the Alexandra Retail Centre (ARC). Occupancy at PSAB office as at 30 June 2012 was 93.4% with committed occupancy of 97.9%. Most of the leases are due to expire this year are in 2H FY 2012/13.
With leases committed to-date, rental uplift of 39.5% has been achieved. ARC was opened on 15 December 2011 and occupancy has reached 58.9% as at 30 June 2012 with committed occupancy of 62.8%.
About 85% of MCT’s total debt of $1.13 billion is fixed by way of interest rate swaps and caps to convert the floating rate debt to fixed rate debt. The interest rate swaps, combined with the continuing low floating interest rates gave MCT an average all-in interest costs of 1.97% and interest coverage ratio of 5.7 times for 1Q FY 2012/2013.
No comments:
Post a Comment