$Mapletree PanAsia Com Tr(N2IU.SI)$
Mapletree PanAsia Com Tr - 4th quarter results is out! DPU is down 2.8 percent to 1.9 cents versus 1.95 cents last year. If excluding the tax charge of 8.3m , dpu will be higher.
A one-off tax charge of S$8.3 million was recognised on completion of the Festival Walk Tower
divestment. Reported DPU for 4Q FY25/26 was 1.90 Singapore cents. Excluding this tax
charge, 4Q FY25/26 DPU would have been 2.04 Singapore cents, 4.6% higher yoy.
Occupancy 89.4%. Gearing 36.5%.
NAV 1.73.
4Q FY25/26 gross revenue and net property income (“NPI”) were S$210.7 million and
S$159.6 million, respectively, 5.5% and 5.9% lower year-on-year (“yoy”). This reflects lower
overseas contributions and the absence of full-period contributions from TS Ikebukuro Building
(“TSI”), ABAS Shin-Yokohama Building (“ASY”) and Festival Walk Tower, which were divested
on 22 August 2025, 28 August 2025, and 2 February 2026, respectively.
Singapore’s gross revenue and NPI grew 1.8% and 2.1% yoy, respectively, led by VivoCity
following the completion of its Basement 2 asset enhancement initiative (“AEI”) and robust
rental growth, as well as higher contribution from Other Singapore Properties.
Property operating expenses fell 4.1% yoy due to reduced operation and maintenance
expenses, and utility expenses. Finance expenses improved 17.9% yoy from lower interest
rates and reduced debt as net divestment proceeds were deployed towards debt repayment.
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- Gloria112·04-29TOPThe DPU drop is a bit concerning, but the occupancy and gearing still look okay.LikeReport