Following Mapletree Logistics Trust (you can read my review of its latest 4Q and FY2024/25 results released on Monday here), Mapletree Pan Asia Commercial Trust is next one to release its 4Q and FY2024/25 results this morning (25 April), with Mapletree Industrial Trust the last one to do so next Wednesday (30 April).
For starters, the REIT was first listed as Mapletree Commercial Trust on the Singapore Exchange in April 2011, where it invests in retail and office properties in Singapore. It was later merged with Mapletree North Asia Commercial Trust (which invests in retail and office properties in several key gateway cities in Asia including Hong Kong, China, Japan, and South Korea) and renamed to Mapletree Pan Asia Commercial Trust (SGX: N2IU), or MPACT, in August 2022.
Currently, MPACT’s portfolio comprises of 17 properties in the following locations with a total value of S$16 billion: 4 in Singapore, 1 in Hong Kong, 2 in China, 9 in Japan, and 1 in South Korea.
In this post, you will find my review of MPACT’s latest financial figures, portfolio occupancy and debt profile, along with its distribution payout to unitholders:
Financial Figures (4Q FY2023/24 vs. 4Q FY2024/25, and FY2023/24 vs. FY2024/25)
In recent quarters, MPACT’s financial performances have been impacted by weaker contributions from its overseas properties, partially offset by stronger contributions from its properties in Singapore (particularly VivoCity as well as Mapletree Business City, which are the 2 ‘crown jewels’ of the REIT).
Has things improved in the 4th quarter? Let us find out in this section, where you’ll find a review of MPACT’s financial figures for the 4th quarter, as well as for the full year, in the respective tables below:
4Q FY2023/24 vs. 4Q FY2024/25:
| 4Q FY2023/24 | 4Q FY2024/25 | % Variance | |
| Gross Revenue (S$’mil) | $239.2m | $222.9m | -6.8% |
| Property Operating Expenses (S$’mil) | $56.1m | $53.3m | -5.0% |
| Net Property Income (S$’mil) | $183.1m | $169.5m | -7.4% |
| Distributable Income to Unitholders (S$’mil) | $120.5m | $103.6m | -14.0% |
Overall, it was a weaker set of results reported by MPACT for the 4th quarter, with its gross revenue and net property income down by around a mid-single digit percentage (in terms of the magnitude of decline compared to the 2nd and 3rd quarter, it was about the same).
Gross revenue fell by 6.8% year on year to S$222.9 million due to lower contribution from the properties in Singapore (as a result of the divestment of Mapletree Anson on 31 July 2024) as well as overseas (as a result of weaker performance due to lower occupancy and negative rental reversion).
Property operating expenses was down by 5.0% year on year to S$53.3 million, mainly due to the divestment of Mapletree Anson on 31 July 2024 along with lower utility expenses, partially offset by higher property tax and marketing expenses.
FY2023/24 vs. FY2024/25:
| FY2023/24 | FY2024/25 | % Variance | |
| Gross Revenue (S$’mil) | $958.1m | $908.8m | -5.1% |
| Property Operating Expenses (S$’mil) | $230.2m | $225.3m | -2.1% |
| Net Property Income (S$’mil) | $727.9m | $683.5m | -6.1% |
| Distributable Income to Unitholders (S$’mil) | $468.6m | $423.0m | -9.7% |
No surprises that MPACT’s financial performance for the full year ended 31 March 2025 as the REIT faced with multiple headwinds from its overseas properties.
Gross revenue declined by 5.1% year on year to S$908.8 million as a result of the absence of income from Mapletree Anson after it was divested on 31 July 2024, along with a lower contribution from the overseas properties due to lower occupancy, negative rental reversion, and unfavourable foreign currency impact arising from the depreciating Japanese Yen, Chinese Renminbi, and Hong Kong Dollar against the Singapore Dollar.
Property operating expenses was also down by 2.1% year on year to S$225.3 million mainly due to the divestment of Mapletree Anson on 31 July 2024, and lower utility expenses, partially offset by the refund of property tax received in the previous financial year, higher property tax, and staff costs.
Portfolio Occupancy Profile (3Q FY2024/25 vs. 4Q FY2024/25)
In 3Q FY2024/25, MPACT’s portfolio occupancy suffered a 0.3 percentage point (pp) dip compared to 2Q FY2024/25 due to declines in the occupancy of its properties in China and South Korea.
This is on top of weakness in the rental escalations for its properties in Hong Kong and South Korea recorded in 3Q FY2024/25 compared against that recorded in 2Q FY2024/25.
Has things improved in the 4th quarter, compared with the 3rd quarter? Let us find out in the table below:
| 3Q FY2024/25 | 4Q FY2024/25 | |
| Portfolio Occupancy (%) | 90.0% | 89.6% |
| Portfolio WALE (by Gross Rental Income – years) | 2.2 years | 2.2 years |
Compared to the previous quarter, MPACT’s portfolio occupancy also inched down by 0.4 percentage points (pp) to 89.6% – due to a dip in occupancy in all of its properties except its other Singapore properties (which inched up from 99.1% in 3Q FY2024/25 to 99.5% in 4Q FY2024/25), its China properties (which improved from 84.3% in 3Q FY2024/25 to 86.1% in 4Q FY2024/25), as well as The Pinnacle Gangnam (up from 89.7% in 3Q FY2024/25 to 99.9% in 4Q FY2024/25).
As far as occupancy levels of its properties in the various geographical locations are concerned, apart from its China properties (at 86.1%) and its Japan properties (at 79.8%), the others had occupancies at above 90%.
Looking at the rental reversion, it was at positive percentages for Mapletree Business City (+2.2%), VivoCity (+16.8%), other Singapore properties (+7.4%), and The Pinnacle Gangnam (+26.9%, which was a sharp reversal from -28.6% recorded in the previous quarter). However, rental reversions were at negative percentages for Festival Walk (-6.9%, but it was a slight improvement from -7.2% in the previous quarter), China properties (-9.3%, which was a weaker percentage compared to a negative reversion of -2.9% recorded in the previous quarter), as well as in its Japan properties (-7.2%, which improved slightly from -9.0% recorded in the previous quarter).
Finally, in terms of lease expiries in the coming financial years, its well-spread out – between FY2025/26 and FY2027/28 (a period of 3 financial years), there are about 12.4% of retail leases and 12.1% of office/business park leases due for renewal each year, with the remaining 11.3% of retail leases and 14.9% of office/business park leases due for renewal only in FY2028/29 or later.
Debt Profile (3Q FY2024/25 vs. 4Q FY2024/25)
MPACT has a healthy debt profile, where its aggregate leverage of 38.2% in 3Q FY2024/25 is a safe distance away from the regulatory limit of 50% (set by the Monetary Authority of Singapore, or MAS). It also has a high percentage of borrowings hedged at fixed rates (82% in 3Q FY2024), which helps to mitigate the impacts of fluctuating interest rate movements on its financing costs, as well as on its distribution payout to unitholders.
Has the REIT managed to continue to keep its debt profile at healthy levels? Let us find out in the table below, where you’ll find a comparison of the statistics reported for the current quarter under review (i.e., 4Q FY2024/25 ended 31 March 2025) against that reported in the previous quarter 3 months ago (i.e., 3Q FY2024/25 ended 31 December 2025):
| 3Q FY2024/25 | 4Q FY2024/25 | |
| Aggregate Leverage (%) | 38.2% | 37.7% |
| Interest Coverage Ratio (times) | 2.8x | 2.8x |
| Average Term to Debt Maturity (years) | 3.1 years | 3.3 years |
| Average Cost of Debt (%) | 3.5% | 3.5% |
| % of Borrowings Hedged to Fixed Rates (%) | 82% | 80% |
MPACT’s debt profile improved slightly compared to the previous quarter – with its aggregate leverage down by 0.5 percentage points (pp) to 37.7% (in fact, its aggregate leverage have been trending downwards from a high of 40.8% in 3Q FY2023/24 to 37.7% in 4Q FY2024/25, as the REIT deployed the proceeds from the divestment of Mapletree Anson to pare down debt).
On its debt maturity profile over the coming financial years, its well-staggered out as well – with 9% and 12% of borrowings due for refinancing in FY2025/26 and FY2026/27 respectively, an average of 23% of borrowings due for refinancing each year between FY2027/28 and FY2029/30 (a period of 3 financial years), and the remaining 10% of borrowings due for refinancing in FY2030/31 or later.
Distribution Payout to Unitholders
The following table is MPACT’s distribution payout to unitholders for 4Q FY2024/25 compared against that declared a year ago:
| 4Q FY2023/24 | 4Q FY2024/25 | % Variance | |
| Distribution Per Unit (S$’mil) | 2.29 cents | 1.95 cents | -14.8% |
Together with its payout of 2.09 cents/unit in 1Q, 1.98 cents/unit in 2Q, and 2.0 cents/unit in 3Q, MPACT’s distribution payout for FY2024/25 amounts to 8.02 cents/unit – this represented a 10% drop when compared against its distribution payout of 8.91 cents/unit in FY2023/24.
Finally, if you are a unitholder of MPACT, do take note of the following dates on its upcoming distribution payout:
Ex-Date: 02 May 2025
Record Date: 05 May 2025
Payout Date: 06 June 2025
CEO Ms Sharon Lim’s Comments and Outlook (from the REIT’s Press Release)
“FY24/25 unfolded against a backdrop of broad market uncertainties, but we responded decisively. The strategic divestment of Mapletree Anson generated interest cost savings amid elevated interest rates and strengthened our balance sheet. Meanwhile, Singapore’s performance provided important resilience. VivoCity has spearheaded this stability, recording 3.5% and 2.1% yoy growth in full-year gross revenue and NPI. Despite temporary disruptions from future-proofing initiatives, this flagship asset has maintained steady momentum with its full-year tenant sales crossing the S$1 billion milestone for the third consecutive year.
Looking ahead, businesses worldwide face unprecedented volatilities from heightening global trade tensions. In this landscape, Singapore will continue to serve as MPACT’s point of relative stability with its high committed occupancies and positive rental reversions. We are intensifying efforts to safeguard occupancy and cashflow while exploring suitable opportunities to optimise the portfolio. We will navigate the road ahead with tenacity and agility, adapting to near-term realities while staying committed to delivering long-term sustainable value to our unitholders.”
Closing Thoughts
Weaker performance in its overseas properties continued to be a drag for MPACT, where its financial performance recorded a year-on-year decline both for the 4th quarter as well as for the full year. Its overall portfolio occupancy also dipped slightly compared to the previous quarter.
Distribution payout to unitholders for the full year also fell for the 2nd successive financial year, and in my opinion, its likely to continue to decline in the coming financial year ahead, unless there’s a substantial improvement recorded in its overseas properties (particularly Festival Walk, along with its China and Japan office properties, where collectively, the contribute 38.9%, or S$353.9 million, towards the REIT’s gross revenue in FY2024/25).
The only positive from MPACT’s results was its debt profile, where proceeds from the divestment of Mapletree Anson to pare down debt saw its aggregate leverage going down to 37.7% – which is a very healthy level. In terms of its average cost of debt, it has remained stable at about 3.5%.
This wraps up my review of MPACT’s latest results for the 4th quarter, as well as for the full year ended 31 March 2025. I hope you’ve found the contents presented in this post useful. At the same time, please take note that all the opinions expressed in this post are purely mine which I’m sharing for educational purposes only. They do not serve as buy or sell recommendations for the REIT’s units. You are strongly advised to do your own due diligence before making any investment decisions.
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Disclaimer: At the time of writing, I am a unitholder of Mapletree Pan Asia Commercial Trust.
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