Basic Profile & Key Statistics

Mapletree North Asia Commercial Trust (MNACT) previously known as Mapletree Greater China Commercial Trust (MGCCT), renamed after completion of Japan properties acquisition in May 2018. MNACT invests in both retail and office properties.

Lease Profile

Occupancy is very high at 99.3%. WALE is short at only 2.6 years where the highest lease expiry of 26.9% falls in FY 22/23. 16.4% of its income received in JPY. Weighted average land lease expiry is short at 39.81 years.

Debt Profile

Gearing is slightly high at 39.6%. Cost of debt is low at 2.2% with 76.9% of unsecured debt. Fixed rate debt of 76% is slightly lower than SREITs median level. Interest coverage ratio is low at 3.2 times. WADE is moderate at 3.05 years, where highest debt maturity of 24% falls in the year 2025.

Diversification Profile

MNACT flagship property – Festival Walk in Hong Kong contributes 55% of gross revenue in terms of geographical and property contributions, which indicates it is quite dependent on Festival Walk. Top tenant contribution is low at 7.4%