Mapletree Commercial Trust had released their 4QFY19/20 financial results yesterday on 22nd April 2020. The results are excellent with gross revenue and net property income (“NPI”) up 12.8% and 12.6% respectively from 4Q FY18/19, driven mostly by Mapletree Business City (“MBC”) II and in spite of COVID-19 rental rebates.

However, in view of the uncertainties from the current COVID-19 situation, Mapletree Commmercial Trust had retained S$43.7 million from the distributable amount. Thus, Distribution Per Unit (“DPU”) had fallen 60.6% to 0.91 cents for 4QFY19/20.

Similar to what Suntec mall has done, fixed rent for April 2020 will be waived for eligible
retail tenants which is on top of the S$29 million of relief packages that have been granted/committed to support its retail tenants. This will have an impact on subsequent distributable income for subsequent quarters. On a positive note, this