Mapletree Greater China Commercial Trust ("MGCCT") has just released their full year results.
The main take away from the results is that there has been a record 10.4% DPU growth, resulting in the total Distribution per Unit (“DPU”) of 6.543 cents for FY14/15. This gives an approximate yield of 6.11% (Based on the closing price of $1.070).
Much of the result is derived from contributions of healthy rental revisions and higher occupancy rates in both Gateway Plaza and Festival Walk. As of 31 March 2015, robust demand during the year resulted in 99% of FY14/15 expiring leases being committed. As a unit holder, this is great news - as it translates to higher committed occupancy rates, as well as signals robust demand for rental in MGCT's portfolio*.
* Festival Walk and Gateway Plaza make up 73% and 27% of the total gross revenue / portfolio respectively.
Unit holders should be aware that operating expenses for FY2014/2015 increased by 7.5%, S$3.6 million to S$51.8 million compared to FY2013/2014. The reason for the increase was attributed to increased spending from promotional activities, higher staff costs and management fees. Perhaps this is a figure the management would need to watch in the coming year.
Net Asset Value ("NAV") Per Unit as at 31-MAR-15 stands at $1.198.
With the announcement of the results, MGCT has declared a distribution of 3.398 cents (SGD) per unit for the period from 1 October 2014 to 31 March 2015.
Unitholders will qualify for the distribution as long as they hope the share till 5PM, 4 May 2015. Distributions will then be paid on Monday, 25 May 2015.
My REIT portfolio consists of 17,000 shares in MGCT, which will translate to a healthy dividend of SGD $577.66. I look forward to receiving dividends from this counter!
Yours,
Dream Chaser
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