Net finance costs for the 4QFY2023/2024 rose by 10.8% y-o-y to $56.4 million.
As a result, the quarter’s distributable income was up by 2.5% y-o-y to $120.5 million.
However, DPU for the FY2023/2024 fell by 7.3% y-o-y to 8.91 cents, due to higher interest rates.
Gross revenue for the full year rose by 16.0% y-o-y to $958.1 million while NPI rose by 15.2% y-o-y to $727.9 million. The growth was driven by the full-year contribution from MPACT’s overseas assets acquired through the merger but mitigated by a stronger Singapore dollar (SGD) against all the foreign currencies. The robust performance of the trust’s Singapore portfolio also more than covered the rise in utility costs during the year.
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Distributable income rose by 5.2% y-o-y at $468.6 million as net finance costs surged by 39.0% y-o-y to $225.5 million.
As at March 31, MPACT’s portfolio occupancy stood at 96.1% while the portfolio’s weighted average lease expiry (WALE) stood at 2.4 years.
Assets under management (AUM) stood at $16.5 billion.
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MPACT’s net asset value (NAV) per unit as at March 31 stood at $1.75.
As at the same period, the trust’s leverage stood at 40.5% with an adjusted interest coverage ratio of 2.9 times.
Cash and cash equivalents as at March 31 stood at $135.6 million.
“MPACT has maintained its course amidst a tough operating landscape. The uplift across gross revenue, NPI and DPU for 4QFY2023/2024 underscores our operational resilience and adaptability,” says Sharon Lim, CEO of the manager.
“Despite the bumpy road ahead, we draw confidence from several key indicators of stability: a yearly increase in our portfolio committed occupancy to 96.1% and a positive rental reversion of 2.9%. VivoCity, our flagship asset, has showcased all-rounded excellence, achieving a new record in full-year tenant sales and leading our portfolio with an outstanding 14.0% rental uplift,” she adds.
Looking ahead, Lim sees the trust as being “poised to seize strategic opportunities” to refine its capital structure, “emphasising a dynamic approach to portfolio management”.
“Additionally, we will continue to pursue initiatives aimed at safeguarding and enhancing long-term unitholder value. Our Singapore assets have consistently delivered. With this market’s inherent stability, it will remain a significant component of our AUM and NPI, reinforcing MPACT’s foundational strength,” she says.
MPACT's ex-date is on May 2, while its record date is on May 3. The DPUs will be paid to unitholders on June 6.
Units in MPACT closed at $1.25 on April 23.
