REIT-TIREMENT - REITs Investing & Personal Finance

REITs investing & personal finance


Tuesday, February 13, 2024

Mapletree Pan Asia Commercial Trust's 3Q FY23/24 Result Review

Basic Profile & Key Statistics

Key Indicators


Performance Highlight
Gross revenue and NPI remain similar YoY. The amount available for distribution and DPU declined YoY due to a combination of the highest finance costs and the absence of one-off realized gain from financial derivative instruments.

Rental Reversion
Portfolio rental reversion is at 4.1%. 

Shopper Traffic & Tenant Sales

At VivoCity, there was a slight YoY decline in both shopper traffic and tenant sales. Meanwhile, at Festival Walk, shopper traffic increased compared to last year, although tenant sales experienced a decline YoY.

Asset Enhancement Initiative
Reconfiguration of level 1 F&B cluster was completed.

Related Parties Shareholding

The sponsor and manager hold a relatively high number of shares.

Lease Profile

Overall lease profile is moderate with a short WALE.

Debt Profile

The proportion of fixed-rate debt is high, accompanied by a well-spread debt maturity profile.

Diversification Profile

Diversification is strong in terms of geography and tenants, although there's a concentration on properties' contributions.


Key Financial Metrics
The operating distributable income margin is high, but the property yield is low. Management fees are competitive when compared to operating distributable income.

DPU Breakdown
  • TTM Distributable Income Breakdown:
    • 95.7% from Operation
    • 4.3% from Management Fees Paid in Units
  • TTM Distribution = 99.9% of Distributable Income

Trends


  • Uptrend: DPU from Operation
  • Slight Uptrend: NAV per Unit
  • Slight Downtrend: Committed Occupancy, Property Yield
  • Downtrend: Adjusted Interest Coverage Ratio, Operating Distributable Income on Capital, Operating Distributable Income Margin

Relative Valuation


  • Dividend Yield - Above +1SD for 1y, 3y & 5y
  • P/NAV - Below -1SD for 1y & 3y; Average for 5y

Author's Opinion

Overall, the performance remains similar as compared to the previous quarter. There are no further refinancing needs in FY23/24, but 21% of debt is set to mature in the next fiscal year.

For more information, check out:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and details of Singapore REIT

REIT Review - List of previous REIT review posts


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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.

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