Mapletree Commercial Trust, a real estate investment trust, on Wednesday reported a 9.3 percent in second-quarter distribution per unit (DPU).
DPU rose to 2.24 Singapore cents in the three months ended September 30, 2017 from 2.05 cents the year before, the company said in a regulatory filing.
Gross revenue was up 21.7 percent in the quarter to S$107.2 million and net property income for the quarter was up 23 percent to S$84.4 million.
The higher net property income was offset by higher finance expenses and higher management fees, the company said.
Finance expenses were 31.1 percent higher at S$16.0 million in the quarter due to the debt drawn down to part finance the acquisition of MBC I.
VivoCity, one of the largest shopping malls in Singapore, saw stable shopper traffic while tenant sales grew 1.1 percent in the first half due to higher rental income from new and renewed leases.
As at 30 September 2017, the committed occupancy for VivoCity remained high at 99.9 percent.
Shares in Mapletree Commercial Trust ended up 0.3 percent to S$1.59 on the Singapore Exchange. The stock has gained 14 percent so far this year.