MapleTree Pan Asia Commercial Trust's NPI soars 76.8% YoY  to $179.4m in Q3FY22/23

Higher earnings from its Singapore portfolio were amongst the drivers of income growth.

MapleTree Pan Asia Commercial Trust (MPACT) recorded a net property income of  $179.4m in Q3FY22/23, which translates to a 76.8% jump from the same period last financial year.

In a bourse filing, MPACT attributed the increase in its income to the full quarter contribution from the properties it acquired through the merger and higher earnings from its Singapore portfolio.

“Our core asset, VivoCity, continued to ride on positive momentum, registering a 7.9% rental uplift on a year-to-date (YTD) FY22/23 basis. Driven by strong festive spending, 3Q FY22/23 tenant sales reached $300.1m,  well surpassing pre-COVID levels. The AEI on Level 1 is on track for progressive opening from mid-2023, and will further enhance VivoCity’s long-term competitiveness," MPACT said.

Given the higher income, MPACT's amount available for distribution also rose during the period, rising 59.7% YoY to $128.3m.

Despite an increase in its NPI,  MPACT's distribution per unit (DPU) still stood at $0.0242.