Mapletree Pan Asia Commercial Trust’s (MPACT) 4QFY2026 distributions per unit (DPU) for the three months to March 31 fell by 2.6% y-o-y to 1.9 cents. The decline was due to a one-off tax charge of $8.3 million for the divestment of Festival Walk Tower.
Excluding this tax charge, 4QFY2026 DPU would have been 2.04 cents, 4.6% higher y-o-y. As a result of the tax charge, FY2026 DPU for the 12 months to Mar 31 was marginally lower (-0.6%) at 7.97 cents.
Singapore’s continued operational strength and reduced finance expenses more than offset overseas headwinds. 4QFY2026 gross revenue and net property income (NPI) were $210.7 million and $159.6 million, respectively, 5.5% and 5.9% lower y-o-y. This reflects lower overseas contributions and the absence of full-period contributions from TS Ikebukuro Building, ABAS Shin-Yokohama Building and Festival Walk Tower, which were divested on Aug 22, 2025, Aug 28, 2025 and Feb 2 respectively.
Singapore’s gross revenue and NPI grew 1.8% and 2.1% y-o-y, respectively, led by VivoCity following the completion of its Basement 2 AEI and robust rental growth, as well as higher contribution from other Singapore properties. Property operating expenses fell 4.1% y-o-y due to reduced operation and maintenance expenses, and utility expenses. Finance expenses improved 17.9% y-o-y from lower interest rates and reduced debt as net divestment proceeds were deployed towards debt repayment.
For the full year, gross revenue and NPI were $867.3 million and $654.4 million, down 4.6% and 4.3% y-o-y, respectively, reflecting lower overseas contribution and divestment effect. Singapore’s gross revenue and NPI (excluding Mapletree Anson) grew 2.3% and 4.1% y-o-y, respectively. This, combined with lower finance expenses, more than covered lower overseas contributions.
Full-year DPU of 7.97 cents was impacted by the one-off tax charge. Excluding this tax charge, full-year DPU would have been 8.11 cents, 1.1% higher y-o-y.
See also: DBS's 1Q2026 net profit is within expectations, up 1% y-o-y, 24% q-o-q
Sharon Lim, CEO of MPACT’s manager, says: “FY2025/2026 was a year of deliberate reshaping. The three non-core asset divestments, together with disciplined debt reduction and cost management, have made MPACT more resilient than it was a year ago. Singapore now contributes 61% of our total AUM and 66% of NPI, reflecting our focus on quality assets in our core market.”
