Net property income declined 2.2% y-o-y for 2QFY2025/2026 to $163.9 million, also for the same reasons above.
MPACT says that despite the absence of Mapletree Anson’s contribution following its divestment in July 2024, its Singapore portfolio recorded higher gross revenue and NPI, which grew 3.5% and 6.1% y-o-y respectively.
This was led by VivoCity’s “robust performance” despite downtime from the asset enhancement initiatives (AEI) in basement 2.
For the reporting period, MPACT’s property operating expenses improved 5.8% y-o-y due to divestments and lower utility rates, while finance expenses improved 16.4% y-o-y from favourable interest rate conditions and proactive debt reduction.
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As such, DPU grew 1.5% y-o-y for the second quarter of 2025.
For the first half of the year, MPACT renewed and re-let about 1.4 million square feet of lettable area. Of this, about 1.1 million square feet were leases with expiries in FY2025/2026.
The trust’s portfolio’s committed occupancy was 88.9% as at Sept 30, and weighted average lease expiry (WALE) stood at 2.2 years with 2 years for the retail segment and 2.4 years for the office/business park segment.
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Following MPACT’s divestment of two Japan properties, MPACT’s portfolio comprises 15 properties with a total lettable area of 10.4 million square feet. Singapore remains the core market, representing 57% of the total assets under management of $15.9 billion.
Units in MPACT closed flat at $1.46 on Oct 22.
