Mapletree Pan Asia Commercial Trust (MPACT) booked S$421.4 million in amount available for distribution for the year ended 31 March 2026, almost flat year-on-year, as higher contributions from its Singapore assets and lower finance costs offset weaker overseas performance.

Full-year gross revenue slipped 4.6 per cent YoY to S$867.3 million, reflecting the absence of income from three assets divested during the year and softer numbers from Hong Kong, China and Japan.

Earnings per unit, measured by distribution per unit (DPU), came in at 7.97 Singapore cents for FY25/26, down 0.6 per cent YoY. The trust will pay a fourth-quarter DPU of 1.90 cents on 17 June 2026 to unitholders on record as at 7 May 2026. Excluding an S$8.3 million one-off tax charge tied to the sale of Festival Walk Tower, the full-year and fourth-quarter DPUs would have been 8.11 cents and 2.04 cents respectively, both higher YoY.

Segmentally, Singapore—which now accounts for 61 per cent of total assets—posted a 2.3 per cent YoY rise in gross revenue and a 4.1 per cent increase in net property income (NPI), buoyed by VivoCity’s 14.1 per cent rental reversion and the completion of its Basement 2 upgrade. Overseas operations were dragged by currency headwinds and slower leasing in Greater China and Japan, leading total portfolio NPI to decline 4.3 per cent YoY to S$654.4 million.

MPACT’s finance expenses fell 15.3 per cent YoY to S$186.8 million as divestment proceeds were channelled into debt repayment and interest rates moderated. Aggregate leverage improved to 36.5 per cent, while the weighted average cost of debt eased to 3.16 per cent, underpinning an interest-coverage ratio of 3.2 times.

Key operational wins included the renewal and re-letting of about 3.0 million square feet of space, raising portfolio committed occupancy to 89.4 per cent as at end-March. VivoCity delivered 3.7 per cent growth in tenant sales to S$1.1 billion, and Festival Walk maintained full occupancy despite a marginal 0.8 per cent dip in annual tenant sales.

The trust completed three non-core asset disposals—TS Ikebukuro Building, ABAS Shin-Yokohama Building and Festival Walk Tower—during the year, deploying the net proceeds to pare debt. It is also reconfiguring 18,800 square feet of former single-tenant space at Festival Walk into a new food-and-beverage and lifestyle cluster, a project expected to generate a near-50 per cent return on investment upon completion in the second quarter of FY26/27.

Chief executive officer Sharon Lim said the year’s “deliberate reshaping” has strengthened the balance sheet and sharpened the portfolio’s focus on core Singapore assets. She added that the manager will keep looking for targeted opportunities to enhance the portfolio while exercising discipline in capital deployment amid a “more complex” macro environment.

Looking ahead, MPACT intends to maintain a well-spread debt maturity profile—no more than 23 per cent of borrowings maturing in any single year—and continue hedging interest-rate and currency exposures. About 75 per cent of its S$5.7 billion gross debt is fixed or hedged, and roughly 95 per cent of distributable income is generated in or hedged into Singapore dollars, providing stability against market volatility.