As at 2020 First Quarter Financial Results (27 July 2020)
Mapletree North Asia Commercial Trust (MNACT) is Singapore’s first commercial REIT with properties in China, Hong Kong SAR and Japan, listed on 7 Mar 2013. It has ownership/interest in 2 properties in China, 1 in Hong Kong SAR and 8 in Japan worth S$8.3 billion as at 30 Jun 2020.
| Gross rental income (by sector) | Percentage |
| Office | 60% |
| Retail | 40% |
| Gross rental income (by geographical location) | Percentage |
| China | 28% |
| Hong Kong SAR | 46% |
| Japan | 26% |
| Metrics | 1Q 2020 | 4Q 2019 |
| Gearing Ratio (Aggregate Leverage) | 39.6% | 39.3% |
| Weighted Average Debt to Maturity (Average Term to Maturity) | 3.05 years | 3.35 years |
| Average Cost of Debt (p.a.) | 2.17% | 2.33% |
| Occupancy Rate | 96.4% | 95.2% |
| Weighted Average Lease Expiry (by GRI) | 2.6 years | 2.7 years |
| Top 10 tenants (gross rental income) | 35.4% | 36.1% |
| Top tenant (gross rental income) | 7.4% | 7.4% |
| 1Q 2020 | 1Q 2019 | |
| Metrics | S$ mil | S$ mil |
| Gross Revenue | 93.7 | 104.9 |
| Property operating expenses | (25.2) | (19.8) |
| Net Property Income | 68.5 | 85.1 |
| Distributable Income | – (change to half-annual) | 62.0 |
| DPU | – (change to half-annual) | 1.95c |
PORTFOLIO
CHINA
| Property | NPI (%) | Occupancy 1Q 2020 | Occupancy 4Q 2019 | Cap rate |
| Gateway Plaza (Beijing) | 22.0 | 91.4 | 91.5 | 5.50 |
| Sandhill Plaza (Shanghai) | 9.0 | 96.3 | 98.0 | 5.00 |
For Cap rate, (O) = Office, (R) = Retail, (H) = Hotel
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| Gateway Plaza (Beijing) | 1,368 | 1,385 | 25 Feb 2053 |
| Sandhill Plaza (Shanghai) | 484 | 475 | 3 Feb 2060 |
Hong Kong SAR
| Property | NPI (%) | Occupancy 1Q 2020 | Occupancy 4Q 2019 | Cap rate |
| Festival Walk | 46.0 | 99.3 | 99.8 | 4.15 |
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| Festival Walk | 5,090 | 4,967 | 30 Jun 2047 |
Japan
| Property | NPI (%) | Occupancy 1Q 2020 | Occupancy 4Q 2019 | Cap rate |
| ALL | 23.0 | 97.7 | 94.7 | 4.10 – 4.70 |
| Property | Valuation ($m) Jun-20 | Valuation ($m) Dec-19 | Leasehold expiry |
| IXINAL Monzen-nakacho Building (MON) | 110 | 106 | Freehold |
| Higashi-nihonbashi 1- chome Building (HNB) | 32 | 26 | Freehold |
| TS Ikebukuro Building (TSI) | 72 | 64 | Freehold |
| Omori Prime Building (Omori) | 96 | (new) | Freehold |
| ABAS Shin-Yokohama Building (ASY) | 38 | 33 | Freehold |
| SII Makuhari Building (SMB) | 370 | 325 | Freehold |
| Fujitsu Makuhari Building (FJM) | 259 | 228 | Freehold |
| mBAY POINT Makuhari (MBP) | 428 | (new) | Freehold |
Theory of Constraints 
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