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Author: reitscompass   |   Latest post: Sat, 8 Feb 2020, 5:29 PM

 

Mapletree NAC Trust Is Impacted By The Festival Walk's Damage

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Key Highlights:

  • Mapletree North Asia Commercial Trust (SGX: RW0U)'s 3Q19 DPU dropped 13.3%

  • The annualised yield and price to book ratio are 5.6% and 0.88 respectively

 

1. Dividends

Net property income had a sharp drop of 40% to $50.8m. The drop was mainly due to closure of Festival Walk as it was damaged by the protestors during the riot last year. The lower occupancy rate of Gateway Plaza also contributed to the poor performance.

The annualised yield is 5.6%. Although the REIT has been delivering growing DPUs over the years, it would very likely to record a lower DPUs this year due to the income impact of Festival Walk (contributed more than 60% of its net property income).

 

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