Mapletree North Asia Commercial Trust NPI up 10.7% to $85m in Q1

Higher rental incomes from Festival Walk, Gateway Plaza and Sandhill Plaza boosted revenue.

The net property income (NPI) of Mapletree North Asia Commercial Trust Management (MNACTM) rose 10.7% YoY to $85m in Q1 from $76.8m in 2018, an announcement revealed. Revenues also climbed 11.1% to $104.9m from $94.4m over the same period.

Revenue growth was driven by higher rental income from Festival Walk, Gateway Plaza and Sandhill Plaza, a full quarter contribution from the Japan Properties which was acquired in 2018, as well as higher average rate of HKD offset by lower average rate of RMB.

The firm’s distribution per unit (DPU) also inched up 3.7% YoY to $0.0195 from $0.0188 in 2018.

Its Festival Walk property recorded gross revenue and NPI growth of 6.5% YoY and 6.6% YoY, respectively. However, its tenants’ sales and shopper traffic declined 3.2% and 1.8% from 1 April to 30 June over the same quarter in 2018.

Meanwhile, its office spaces in China saw weaker performances. Gross revenue and NPI of Gateway Plaza fell below Q1 2018 figures at 4.0% and 4.1%, respectively, mainly due to a lower average rate of RMB against SGD, partially mitigated by a higher average occupancy during Q1.

As for Sandhill Plaza, average rental rate during the same quarter rose from the corresponding quarter but failed to prop up gross revenue and NPI which fell by 2.4% and 2.0%

Only the company's properties in Japan saw gross revenue and NPI up to $12.6m and $9.7m, respectively.