Gross Revenue at Mapletree Commercial Trust Rises

mapletree logistics Mapletree Commercial Trust (SGX: N2IU), or MCT, released its 1st Quarter of 2013 (1Q 2013) results yesterday.  Gross revenue for the quarter increased 26% to $64.4 million, while net property income went up 31.4%. Distributable income went up 26.4% to $36.3 million and distribution per unit also went up 14.1% to 1.753 cents.

At time of writing, the annualised distribution yield is at 5.7%.The gearing ratio stands at 40.8% and the average interest cost is 2.22%, as of 30 June 2012.

The portfolio’s overall weighted average lease expiry (WALE) is at 2.5 years. The WALE for the retail assets itself is at 2.3 years. The overall occupancy rate is at 98.3%, which is the highest since its listing in April 2011.

The shopper traffic at Vivocity went up 1.2% to 13.3 million over 1Q 2012. The tenant sales went up 5.6% to approximately $212.1 million over the same period.

For the first time, a distribution reinvestment plan (DRP) has been introduced. The DRP provides unitholders of MCT with the option to receive their distributions declared, either in the form of Units or cash or a combination of both.

Ms Amy Ng, Chief Executive Officer of Mapletree Commercial Trust Management Limited, said, “We are also pleased to note that VivoCity’s tenant sales rose 5.6% year on year despite some downtime in trading as a relatively high number of tenants were carrying out fit-out during the period. We have now committed almost 60% of leases expiring this financial year and are well-placed to deliver this financial year’s performance as projected in the Forecast.”

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.