Gross revenue for the same period was up 13.3% y-oy to $215.4 million. Net property income, meanwhile, was up 15.8% y-o-y to $161.9 million, due to lower rental reliefs given to its tenants, specifically those of Festival Walk mall in Hong Kong, its most valuable asset.
Also, MNACT enjoyed higher revenue from new acquisitions such as the Hewlett-Packard Japan Headquarters Building. It enjoyed favourable currency movements too.
“The recent gradual improvement in the retail market has been encouraging, though we remain cautious about the risks of resurgence of the Delta or other virus variants that may affect the pace of market recovery,” says Cindy Chow, CEO of MNACT’s manager.
“We will continue to support our tenants through rolling out exciting marketing and promotion programmes and other initiatives in consultation with our tenants, to boost sales,” she adds.
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As at end of September, the REIT’s portfolio occupancy rate was close to 98%.
“In conjunction with active and prudent capital management, we will continue to drive the performance of our portfolio of quality assets and source for yield accretive acquisitions to achieve greater diversification and growth of MNACT,” says Chow.
MNACT closed Oct 28 at $1, unchanged for the day and up 3.09% year to date.
Photo: MNACT