Mapletree North Asia Commercial Trust (RW0U)

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
Office60%
Retail40%
Gross rental income
(by geographical location)
Percentage
China28%
Hong Kong SAR46%
Japan26%

Metrics1Q 20204Q 2019
Gearing Ratio
(Aggregate Leverage)
39.6%39.3%
Weighted Average Debt to Maturity
(Average Term to Maturity)
3.05 years3.35 years
Average Cost of Debt (p.a.)2.17%2.33%
Occupancy Rate96.4%95.2%
Weighted Average Lease Expiry
(by GRI)
2.6 years2.7 years
Top 10 tenants
(gross rental income)
35.4%36.1%
Top tenant
(gross rental income)
7.4%7.4%

1Q 20201Q 2019
MetricsS$ milS$ mil
Gross Revenue93.7104.9
Property operating
expenses
(25.2)(19.8)
Net Property Income68.585.1
Distributable Income
(change to
half-annual)
62.0
DPU
(change to
half-annual)
1.95c

PORTFOLIO

CHINA

PropertyNPI (%)Occupancy
1Q 2020
Occupancy
4Q 2019
Cap rate
Gateway Plaza
(Beijing)
22.091.491.55.50
Sandhill Plaza
(Shanghai)
9.096.398.05.00

For Cap rate, (O) = Office, (R) = Retail, (H) = Hotel

PropertyValuation
($m) Jun-20
Valuation
($m) Dec-19
Leasehold
expiry
Gateway Plaza
(Beijing)
1,3681,38525 Feb 2053
Sandhill Plaza
(Shanghai)
4844753 Feb 2060

Hong Kong SAR

PropertyNPI (%)Occupancy
1Q 2020
Occupancy
4Q 2019
Cap rate
Festival Walk46.099.399.84.15

PropertyValuation
($m) Jun-20
Valuation
($m) Dec-19
Leasehold
expiry
Festival Walk5,0904,96730 Jun 2047

Japan

PropertyNPI (%)Occupancy
1Q 2020
Occupancy
4Q 2019
Cap rate
ALL23.097.794.74.10 –
4.70

PropertyValuation
($m) Jun-20
Valuation
($m) Dec-19
Leasehold
expiry
IXINAL Monzen-nakacho
Building (MON)
110106Freehold
Higashi-nihonbashi 1-
chome Building (HNB)
3226Freehold
TS Ikebukuro Building
(TSI)
7264Freehold
Omori Prime Building
(Omori)
96(new)Freehold
ABAS Shin-Yokohama
Building (ASY)
3833Freehold
SII Makuhari Building
(SMB)
370325Freehold
Fujitsu Makuhari
Building (FJM)
259228Freehold
mBAY POINT Makuhari
(MBP)
428(new)Freehold

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