These two new properties also helped lift DPU slightly by 1.9% to 3.229 cents for the half year ended March 31 2021.
“The overall environment continued to be challenging, but we managed to maintain a high portfolio occupancy of 97% at the end of March 2021,” says Cindy Chow, CEO of the REIT manager.
SEE:Mapletree North Asia Commercial Trust reports higher gross revenue, NPI for 3Q20/21
As of March 31, MNACT’s portfolio of 11 properties are appraised at $7,674.1 million, down 8.1% from the preceding year.
The lower valuation was because of lower market rents assumed by the valuers for Festival Walk and Gateway Plaza as a result of the impact of Covid-19 on the properties’ performance.
There was also net translation loss (against SGD) of $212 million from the weaker HKD and JPY against SGD partially offset by the stronger RMB, says MNACT.
“Moving forward, our focus remains on active asset management and accretive acquisitions to achieve greater diversification of MNACT’s portfolio, while keeping an active and prudent approach on capital management,” says Chow.
MNACT closed April 22 at $1.07, up 0.94%.
