On 29th January 2024, MPACT (Mapletree Pan Asia Commercial Trust) announced its 3Q FY23/24 Financial Results. Gross Revenue and Net Property Income (NPI) rose 0.8% and 1.7% year-on-year respectively. Despite the gain, Distribution Per Unit (DPU) was tempered by higher interest rates and the absence of a one-off cross-currency interest rate swap (CCIRS) gain in 3Q FY23/24. MPACT 3Q FY23/24 Financial Results As shared above, the growth in Gross Revenue and Net Property Income was primarily driven by Singapore’s robust performance, which delivered positive contribution after fully offsetting higher utility expenses. MPACT’s portfolio in Hong Kong and Japan showed resilience by delivering steady earnings in local currency terms. A stronger Singapore dollar (“SGD”) dampened the overseas contributions. As a result, Distribution Per Unit (DPU) declined 9.1% to 2.20 cents in 3Q FY23/24. To mitigate forex volatilities, approximately 94% of MPACT’s expected distributable income (based on rolling four quarters) was derived from or hedged into SGD....