MPACT's FY2024/2025 DPU declines by 10% y-o-y amidst overseas challenges
MPACT's FY2025 DPU declines by 10% y-o-y due to absence of Mapletree Anson and lower overseas contributions
Mapletree Pan Asia Commercial Trust's FY2024/2025 distributions per unit (DPU) for the 12 months to March 31 declined by 10% y-o-y to 8.02 cents while 4Q2024/2025 DPU declined by 14.8% y-o-y to 1.95 cents.
For 4QFY2024/2025, gross revenue and net property income (NPI) were $222.9 million and $169.5 million, lower by 6.8% and 7.4% y-o-y respectively. This largely reflects the absence of Mapletree Anson's contribution following its divestment on July 31, 2024 and lower overseas contributions. For the full year ended March 31, 2025, MPACT reported gross revenue and NPI of $908.8 million and $683.5 million, lower by 5.1% and 6.1% y-o-y respectively.
The deployment of Mapletree Anson's divestment proceeds to reduce debt lowered full-year net finance costs by 3.1% y-o-y despite elevated interest rates, while improving the aggregate leverage ratio from 40.5% from a year ago to 37.7% as at March 31.
By systematically swapping HK$ loans into CNH over the past two years, the manager has substantially reduced the higher-cost HK$ component of MPACT's debt from 30% to 23% in FY2024, and further to 18% as at March 31. Correspondingly, the more favourably priced CNH component was raised from 0.3% to 7%, and now to 10%, creating better alignment with the AUM composition and matching of currency cashflows while capturing interest rate advantage.
To shield against interest rate and foreign exchange volatilities, 79.9% of the total gross debt of $6.1 billion was either fixed-rate debts or hedged through interest rate swaps, while approximately 90% of MPACT's distributable income (based on rolling four quarters) was either generated in or hedged into Singapore dollar as at March 31 2025. MPACT has approximately $1.2 billion of cash and undrawn committed facilities.
98 cents, down 11.6% y-o-y
Better macro and interest environment to encourage allocations into S-REITs in 2HFY2024, DBS names top picks
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