Mapletree PanAsia Com Tr N2IU
Financials
Annual Report 2025/26
Explore the statements
29 tablesStatements of Profit or Loss
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MPACT | 2025MPACT | Source |
|---|---|---|---|---|---|
| Profit or Loss | |||||
| Gross revenue$’000 | 867,287 | 908,841 | 458,850 | 456,772 | PDF p. 107 |
| Property operating expenses$’000 | (212,860) | (225,304) | (105,752) | (112,257) | PDF p. 107 |
| Net property income$’000 | 654,427 | 683,537 | 353,098 | 344,515 | PDF p. 107 |
| Dividend income$’000 | – | – | 162,230 | 193,701 | PDF p. 107 |
| Finance income$’000 | 1,585 | 2,061 | 261 | 277 | PDF p. 107 |
| Finance expenses$’000 | (186,793) | (220,443) | (76,848) | (96,504) | PDF p. 107 |
| Manager’s management fees – Base fees$’000 | (44,828) | (45,002) | (37,876) | (36,858) | PDF p. 107 |
| Trustee’s fees$’000 | (1,731) | (1,761) | (1,731) | (1,761) | PDF p. 107 |
| Other trust expenses$’000 | (2,281) | (3,522) | (1,934) | (2,195) | PDF p. 107 |
| Impairment loss on investment in a subsidiary$’000 | – | – | (467,335) | (814,215) | PDF p. 107 |
| Foreign exchange gain/(loss)$’000 | 1,424 | 781 | (1) | (5) | PDF p. 107 |
| Net change in fair value of financial derivatives$’000 | (43,471) | (1,340) | – | – | PDF p. 107 |
| Profit/(Loss) before tax and fair value change in investment properties, (loss)/gain on divestment of investment properties and share of profit of a joint venture$’000 | 378,332 | 414,311 | (70,136) | (413,045) | PDF p. 107 |
| Net change in fair value of investment properties$’000 | (115,290) | 154,019 | 208,384 | 528,442 | PDF p. 107 |
| Net (loss)/gain on divestment of investment properties$’000 | (12,948) | 4,006 | – | 4,006 | PDF p. 107 |
| Share of profit of a joint venture$’000 | 10,647 | 8,852 | – | – | PDF p. 107 |
| Profit before tax$’000 | 260,741 | 581,188 | 138,248 | 119,403 | PDF p. 107 |
| Income tax credit$’000 | 4,733 | 6,113 | – | – | PDF p. 107 |
| Profit after tax$’000 | 265,474 | 587,301 | 138,248 | 119,403 | PDF p. 107 |
| Attributable to | |||||
| – Unitholders$’000 | 261,274 | 584,181 | 138,248 | 119,403 | PDF p. 107 |
| – Perpetual securities holders$’000 | 4,375 | 4,647 | – | – | PDF p. 107 |
| – Non-controlling interests$’000 | (175) | (1,527) | – | – | PDF p. 107 |
| Profit after tax$’000 | 265,474 | 587,301 | 138,248 | 119,403 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Earnings per unit
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Earnings per unit | |||
| – Basiccents per unit | 4.95 | 11.10 | PDF p. 107 |
| – Dilutedcents per unit | 4.94 | 11.08 | PDF p. 107 |
Definitions & sources
Original report: PDF p. 107 ↗
Statements of Comprehensive Income
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MPACT | 2025MPACT | Source |
|---|---|---|---|---|---|
| Comprehensive Income | |||||
| Profit after tax$’000 | 265,474 | 587,301 | 138,248 | 119,403 | PDF p. 108 |
| Other comprehensive income; items that may be reclassified subsequently to profit or loss; cash flow hedges | |||||
| – Fair value (loss)/gain, net of tax$’000 | (7,188) | 28,116 | (9,424) | (11,255) | PDF p. 108 |
| – Reclassification of hedging reserve to profit or loss, net of tax$’000 | 22,739 | (40,347) | 12,783 | (7,141) | PDF p. 108 |
| Other comprehensive income | |||||
| Net currency translation differences relating to financial statements of foreign subsidiaries$’000 | (19,686) | (241) | – | – | PDF p. 108 |
| Net currency translation differences relating to monetary items forming part of net investment in foreign operations$’000 | (92,245) | 7,678 | – | – | PDF p. 108 |
| Net currency translation differences on hedge of net investment in foreign operations$’000 | 10,749 | 7,738 | – | – | PDF p. 108 |
| Share of currency translation differences of a foreign joint venture$’000 | (6,988) | (11,356) | – | – | PDF p. 108 |
| Share of hedging reserve of a foreign joint venture$’000 | 524 | – | – | – | PDF p. 108 |
| Other comprehensive income, net of tax$’000 | (92,095) | (8,412) | 3,359 | (18,396) | PDF p. 108 |
| Comprehensive Income | |||||
| Total comprehensive income for the financial year$’000 | 173,379 | 578,889 | 141,607 | 101,007 | PDF p. 108 |
| Attributable to | |||||
| – Unitholders$’000 | 169,064 | 575,723 | 141,607 | 101,007 | PDF p. 108 |
| – Perpetual securities holders$’000 | 4,375 | 4,647 | – | – | PDF p. 108 |
| – Non-controlling interests$’000 | (60) | (1,481) | – | – | PDF p. 108 |
| Total comprehensive income$’000 | 173,379 | 578,889 | 141,607 | 101,007 | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
Statements of Financial Position
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MPACT | 2025MPACT | Source |
|---|---|---|---|---|---|
| Assets; Current assets | |||||
| Cash and bank balances$’000 | 164,223 | 171,395 | 18,086 | 12,055 | PDF p. 109 |
| Trade and other receivables$’000 | 18,275 | 15,852 | 114,413 | 100,340 | PDF p. 109 |
| Tax recoverable$’000 | 5,847 | 5,848 | – | – | PDF p. 109 |
| Other assets$’000 | 3,319 | 4,648 | 416 | 333 | PDF p. 109 |
| Inventories$’000 | 123 | 130 | – | – | PDF p. 109 |
| Derivative financial instruments$’000 | 94,225 | 5,020 | 15 | 2,423 | PDF p. 109 |
| Assets; Current assets subtotal | |||||
| Subtotal$’000 | 286,012 | 202,893 | 132,930 | 115,151 | PDF p. 109 |
| Assets; Non-current assets | |||||
| Investment properties$’000 | 14,990,064 | 15,728,702 | 7,621,000 | 7,349,000 | PDF p. 109 |
| Plant and equipment$’000 | 2,022 | 1,798 | 100 | 73 | PDF p. 109 |
| Investments in subsidiaries$’000 | – | – | 3,687,882 | 4,155,218 | PDF p. 109 |
| Loan to a subsidiary$’000 | – | – | 100,000 | 100,000 | PDF p. 109 |
| Investment in a joint venture$’000 | 109,825 | 110,874 | – | – | PDF p. 109 |
| Other assets$’000 | 7,940 | – | – | – | PDF p. 109 |
| Deferred tax assets$’000 | 3,112 | – | – | – | PDF p. 109 |
| Derivative financial instruments$’000 | 25,923 | 97,340 | 2,687 | 1,071 | PDF p. 109 |
| Assets; Non-current assets subtotal | |||||
| Subtotal$’000 | 15,138,886 | 15,938,714 | 11,411,669 | 11,605,362 | PDF p. 109 |
| Assets | |||||
| Total assets$’000 | 15,424,898 | 16,141,607 | 11,544,599 | 11,720,513 | PDF p. 109 |
| Liabilities; Current liabilities | |||||
| Trade and other payables$’000 | 190,157 | 226,112 | 73,796 | 87,792 | PDF p. 109 |
| Borrowings$’000 | 507,932 | 446,572 | 220,000 | 49,816 | PDF p. 109 |
| Lease liabilities$’000 | 8 | 34 | – | – | PDF p. 109 |
| Loans from a subsidiary$’000 | – | – | 174,968 | – | PDF p. 109 |
| Current income tax liabilities$’000 | 15,398 | 8,895 | – | – | PDF p. 109 |
| Derivative financial instruments$’000 | 20,677 | 2,922 | 5,826 | 2,694 | PDF p. 109 |
| Liabilities; Current liabilities subtotal | |||||
| Subtotal$’000 | 734,172 | 684,535 | 474,590 | 140,302 | PDF p. 109 |
| Liabilities; Non-current liabilities | |||||
| Other payables$’000 | 115,527 | 122,016 | 59,042 | 55,089 | PDF p. 109 |
| Borrowings$’000 | 5,048,806 | 5,550,545 | 1,387,941 | 1,610,948 | PDF p. 109 |
| Lease liabilities$’000 | – | 8 | – | – | PDF p. 109 |
| Loans from a subsidiary$’000 | – | – | 597,639 | 622,563 | PDF p. 109 |
| Deferred tax liabilities$’000 | 111,079 | 149,560 | – | – | PDF p. 109 |
| Derivative financial instruments$’000 | 22,476 | 10,400 | 1,388 | 8,670 | PDF p. 109 |
| Liabilities; Non-current liabilities subtotal | |||||
| Subtotal$’000 | 5,297,888 | 5,832,529 | 2,046,010 | 2,297,270 | PDF p. 109 |
| Liabilities | |||||
| Total liabilities$’000 | 6,032,060 | 6,517,064 | 2,520,600 | 2,437,572 | PDF p. 109 |
| Net assets | |||||
| NET ASSETS$’000 | 9,392,838 | 9,624,543 | 9,023,999 | 9,282,941 | PDF p. 109 |
| Represented by | |||||
| – Unitholders’ funds$’000 | 9,132,512 | 9,363,997 | 9,023,999 | 9,282,941 | PDF p. 109 |
| – Perpetual securities holders$’000 | 249,110 | 249,270 | – | – | PDF p. 109 |
| – Non-controlling interests$’000 | 11,216 | 11,276 | – | – | PDF p. 109 |
| Total equity$’000 | 9,392,838 | 9,624,543 | 9,023,999 | 9,282,941 | PDF p. 109 |
| Units in issue and to be issued | |||||
| Units in issue and to be issued’000 units | 5,284,370 | 5,271,107 | 5,284,370 | 5,271,107 | PDF p. 109 |
| Net asset value per unit | |||||
| Net asset value per unit$ per unit | 1.73 | 1.78 | 1.71 | 1.76 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
Consolidated Statement of Cash Flows
44 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit after tax$’000 | 265,474 | 587,301 | PDF p. 112 |
| Cash flows from operating activities; Adjustments for | |||
| – Income tax credit$’000 | (4,733) | (6,113) | PDF p. 112 |
| – Depreciation$’000 | 707 | 678 | PDF p. 112 |
| – Impairment of trade receivables$’000 | 6 | – | PDF p. 112 |
| – Plant and equipment written off$’000 | 3 | – | PDF p. 112 |
| – Adjustments for rental incentives amortisation$’000 | (1,482) | (129) | PDF p. 112 |
| – Net unrealised foreign exchange gain$’000 | (1,004) | (7,792) | PDF p. 112 |
| – Net change in fair value of investment properties$’000 | 115,290 | (154,019) | PDF p. 112 |
| – Net loss/(gain) on divestment of investment properties$’000 | 12,948 | (4,006) | PDF p. 112 |
| – Net change in fair value of financial derivatives$’000 | 43,471 | 1,340 | PDF p. 112 |
| – Finance income$’000 | (1,585) | (2,061) | PDF p. 112 |
| – Finance expenses$’000 | 186,793 | 220,443 | PDF p. 112 |
| – Manager’s management fees paid/payable in units$’000 | 17,931 | 18,001 | PDF p. 112 |
| – Share of profit of a joint venture$’000 | (10,647) | (8,852) | PDF p. 112 |
| Cash flows from operating activities | |||
| Adjustments subtotal$’000 | 623,172 | 644,791 | PDF p. 112 |
| Cash flows from operating activities; Change in working capital | |||
| – Trade and other receivables$’000 | (4,372) | (1,831) | PDF p. 112 |
| – Other assets$’000 | (1,039) | 501 | PDF p. 112 |
| – Inventories$’000 | 7 | (20) | PDF p. 112 |
| – Trade and other payables$’000 | (11,536) | 8,333 | PDF p. 112 |
| Cash flows from operating activities | |||
| Cash generated from operations$’000 | 606,232 | 651,774 | PDF p. 112 |
| Income tax paid$’000 | (20,229) | (17,740) | PDF p. 112 |
| Net cash generated from operating activities$’000 | 586,003 | 634,034 | PDF p. 112 |
| Cash flows from investing activities | |||
| Additions to investment properties$’000 | (86,589) | (56,743) | PDF p. 112 |
| Proceeds from divestment of investment properties, net of transaction costs and transfer of tenants’ security deposits$’000 | 390,571 | 762,448 | PDF p. 112 |
| Additions to plant and equipment$’000 | (1,014) | (1,059) | PDF p. 112 |
| Dividend received from a joint venture$’000 | 5,658 | 5,353 | PDF p. 112 |
| Placement of long-term bank deposits$’000 | (5,572) | – | PDF p. 112 |
| Finance income received$’000 | 2,056 | 1,413 | PDF p. 112 |
| Net cash generated from investing activities$’000 | 305,110 | 711,412 | PDF p. 112 |
| Cash flows from financing activities | |||
| Proceeds from borrowings$’000 | 2,384,747 | 1,773,072 | PDF p. 113 |
| Proceeds from notes$’000 | 200,000 | 200,000 | PDF p. 113 |
| Repayment of borrowings$’000 | (2,859,414) | (2,514,074) | PDF p. 113 |
| Redemption of notes$’000 | – | (120,000) | PDF p. 113 |
| Principal payment of lease liabilities$’000 | (32) | (34) | PDF p. 113 |
| Payment of financing fees$’000 | (2,352) | (10,592) | PDF p. 113 |
| Finance expenses paid$’000 | (187,407) | (215,077) | PDF p. 113 |
| Payment of distributions to Unitholders$’000 | (422,889) | (439,609) | PDF p. 113 |
| Payment of distributions to perpetual securities holders$’000 | (4,535) | (4,659) | PDF p. 113 |
| Change in restricted cash$’000 | 35 | 9,023 | PDF p. 113 |
| Net cash used in financing activities$’000 | (891,847) | (1,321,950) | PDF p. 113 |
| Cash flows | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (734) | 23,496 | PDF p. 113 |
| Cash flows; Cash and cash equivalents | |||
| Beginning of financial year$’000 | 158,818 | 135,642 | PDF p. 113 |
| Effects of currency translation$’000 | (5,030) | (320) | PDF p. 113 |
| End of financial year$’000 | 153,054 | 158,818 | PDF p. 113 |
Definitions & sources
Original report: PDF p. 112 ↗ PDF p. 113 ↗
The statement states: “The accompanying notes form an integral part of these financial statements.”
Selected Balance Sheet Details
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March | 2025As at 31 March | 2024As at 31 March | 2023As at 31 March | 2022As at 31 March | Source |
|---|---|---|---|---|---|---|
| Selected Balance Sheet Details | ||||||
| Total Assets (S$ million)S$ million | 15,424.9 | 16,141.6 | 16,662.3 | 16,828.8 | 8,984.5 | PDF p. 5 |
| Portfolio Property Value (S$ million)S$ million | 15,211.1 | 15,960.0 | 16,499.5 | 16,575.7 | 8,821.0 | PDF p. 5 |
| Unitholders’ Funds (S$ million)S$ million | 9,132.5 | 9,364.0 | 9,209.2 | 9,220.3 | 5,793.5 | PDF p. 5 |
| Net Asset Value (“NAV”) per Unit (S$)S$ per unit | 1.73 | 1.78 | 1.75 | 1.76 | 1.74 | PDF p. 5 |
| Market Capitalisation (S$ million)S$ million | 6,971.1 | 6,584.5 | 6,723.8 | 9,430.8 | 6,281.4 | PDF p. 5 |
| Selected balance sheet details | ||||||
| Gross Debt OutstandingS$ million | 5,685.9 | 6,139.9 | 6,803.0 | 6,940.8 | 3,014.0 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Footnote 5: Includes share attributable to non-controlling interests and MPACT’s proportionate share of joint venture’s gross debt. The report does not define the predecessor/consolidation boundary for each pre-merger historical year.
Key Financial Indicators
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March | 2025As at 31 March | 2024As at 31 March | 2023As at 31 March | 2022As at 31 March | Source |
|---|---|---|---|---|---|---|
| Key Financial Indicators | ||||||
| Aggregate Leverage Ratio (%)% | 36.5 | 37.7 | 40.5 | 40.9 | 33.5 | PDF p. 5 |
| Interest Coverage Ratio (“ICR”) (times)times | 3.2 | 2.8 | 2.9 | 3.5 | 4.8 | PDF p. 5 |
| Weighted Average All-in Cost of Debt (per annum) (%)% per annum | 3.16 | 3.51 | 3.35 | 2.68 | 2.40 | PDF p. 5 |
| Proportion of Fixed-Rate Debt (%)% | 75.1 | 79.9 | 77.1 | 75.5 | 80.3 | PDF p. 5 |
| Average Term to Maturity of Debt (years)years | 3.0 | 3.3 | 3.0 | 3.0 | 3.3 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Historical ratios are shown as reported; the report does not define the predecessor/consolidation boundary for each pre-merger historical year.
Yield Comparisons
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March 2026 | Source |
|---|---|---|
| Yield Comparisons | ||
| CPF Ordinary Account% | 2.5 | PDF p. 5 |
| 10-year Singapore Government Bond% | 2.3 | PDF p. 5 |
| FTSE Straits Times Index% | 4.4 | PDF p. 5 |
| FTSE Straits Times REIT Index% | 5.4 | PDF p. 5 |
| MPACT% | 6.0 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Footnote 6: As at 31 March 2026. Sources: Bloomberg, Central Provident Fund Board (for the Ordinary Account yield) and Monetary Authority of Singapore (for the 10-year Singapore Government Bond Yield). Footnote 7: MPACT yield is based on closing unit price of S$1.32 at 31 March 2026 and reported FY25/26 DPU of 7.97 Singapore cents.
Five-Year Trading Performance
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026FY25/26 | 2025FY24/25 | 2024FY23/24 | 2023FY22/23 | 2022FY21/22 | Source |
|---|---|---|---|---|---|---|
| Five-Year Trading Performance | ||||||
| Closing price on the last trading day prior to the period (S$)S$ | 1.250 | 1.280 | 1.800 | 1.890 | 2.120 | PDF p. 40 |
| Closing price for the period (S$)S$ | 1.320 | 1.250 | 1.280 | 1.800 | 1.890 | PDF p. 40 |
| Highest closing price (S$)S$ | 1.490 | 1.530 | 1.840 | 1.940 | 2.190 | PDF p. 40 |
| Lowest closing price (S$)S$ | 1.130 | 1.160 | 1.220 | 1.550 | 1.790 | PDF p. 40 |
| Volume weighted average price (S$)S$ | 1.338 | 1.283 | 1.481 | 1.779 | 1.974 | PDF p. 40 |
| Average trading volume (million units)million units | 8.37 | 16.15 | 9.51 | 11.40 | 11.96 | PDF p. 40 |
| Total trading volume (million units)million units | 2,117 | 4,036 | 2,367 | 2,839 | 2,978 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
Comparative periods use the report’s FY and stated lookback labels; the report does not separately define pre-merger MCT/MNACT consolidation scope.
Return on Investment
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March 2026; 1-year from 1 April 2025 | 2026As at 31 March 2026; 3-year from 1 April 2023 | 2026As at 31 March 2026; 5-year from 1 April 2021 | 2026As at 31 March 2026; 10-year from 1 April 2016 | Source |
|---|---|---|---|---|---|
| Return on Investment | |||||
| Capital appreciation (%)% | 5.6 | -26.7 | -37.7 | -6.4 | PDF p. 40 |
| Distribution yield (%)% | 6.4 | 13.8 | 20.8 | 62.6 | PDF p. 40 |
| Closing price on the last trading day prior to the period (S$)S$ | 1.250 | 1.800 | 2.120 | 1.410 | PDF p. 40 |
| Return on investment | |||||
| Total return as at 31 March 2026¹ (%)% | 12.0 | -12.8 | -17.0 | 56.3 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
1 Sum of distributions and capital appreciation for the period over the closing unit price on the last trading day prior to the commencement of the period.
Comparative periods use the report’s FY and stated lookback labels; the report does not separately define pre-merger MCT/MNACT consolidation scope.
Total Returns (assuming dividends reinvested)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March 2026; 1-year from 1 April 2025 | 2026As at 31 March 2026; 3-year from 1 April 2023 | 2026As at 31 March 2026; 5-year from 1 April 2021 | 2026As at 31 March 2026; 10-year from 1 April 2016 | Source |
|---|---|---|---|---|---|
| Total Returns (assuming dividends reinvested) | |||||
| MPACT% | 12.0 | -11.8 | -16.0 | 62.7 | PDF p. 40 |
| FTSE Straits Times Index% | 29.1 | 74.5 | 93.6 | 160.9 | PDF p. 40 |
| FTSE Straits Times REIT Index% | 5.7 | 4.9 | 0.5 | 58.3 | PDF p. 40 |
Definitions & sources
Original report: PDF p. 40 ↗
2 Total returns for the holding periods are calculated assuming dividends or distributions are reinvested at the closing prices on the ex-dividend or ex-distribution dates.
Comparative periods use the report’s FY and stated lookback labels; the report does not separately define pre-merger MCT/MNACT consolidation scope.
Quarterly and Annual Distribution per Unit — FY25/26
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20261Q; Singapore cents | 20262Q; Singapore cents | 20263Q; Singapore cents | 20264Q; Singapore cents | 2026Total; Singapore cents | Source |
|---|---|---|---|---|---|---|
| Breakdown of DPU in Singapore cents | ||||||
| FY25/26Singapore cents | 2.01 | 2.01 | 2.05 | 1.90 | 7.97 | PDF p. 35 |
Definitions & sources
Original report: PDF p. 35 ↗
Unit: Singapore cents. The five columns are quarterly distributions and the annual total.
Quarterly and Annual Distribution per Unit — FY24/25
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 20251Q; Singapore cents | 20252Q; Singapore cents | 20253Q; Singapore cents | 20254Q; Singapore cents | 2025Total; Singapore cents | Source |
|---|---|---|---|---|---|---|
| Breakdown of DPU in Singapore cents | ||||||
| FY24/25Singapore cents | 2.09 | 1.98 | 2.00 | 1.95 | 8.02 | PDF p. 35 |
Definitions & sources
Original report: PDF p. 35 ↗
Unit: Singapore cents. The five columns are quarterly distributions and the annual total.
Net Assets Attributable to Unitholders
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As at 31 March 2026 | 2025As at 31 March 2025 | 2026Change (%), 31 March 2026 vs 31 March 2025 | Source |
|---|---|---|---|---|
| Net Assets Attributable to Unitholders | ||||
| Total Assets (S$ million)S$ million | 15,424.9 | 16,141.6 | (4.4) | PDF p. 35 |
| Total Liabilities (S$ million)S$ million | 6,032.1 | 6,517.1 | (7.4) | PDF p. 35 |
| Net Assets (S$ million)S$ million | 9,392.8 | 9,624.5 | (2.4) | PDF p. 35 |
| - Unitholders (S$ million)S$ million | 9,132.5 | 9,364.0 | (2.5) | PDF p. 35 |
| - Perpetual Securities Holders (S$ million)S$ million | 249.1 | 249.3 | (0.1) | PDF p. 35 |
| - Non-controlling Interests (S$ million)S$ million | 11.2 | 11.3 | (0.5) | PDF p. 35 |
| Number of Units in Issue and to be Issued (million)million units | 5,284.4 | 5,271.1 | 0.3 | PDF p. 35 |
| NAV per Unit (S$)S$ per unit | 1.73 | 1.78 | (2.8) | PDF p. 35 |
| Adjusted NAV per Unit (S$)S$ per unit | 1.71 | 1.76 | (2.8) | PDF p. 35 |
Definitions & sources
Original report: PDF p. 35 ↗
The adjusted NAV per Unit (excluding the distributable amount payable for 4Q FY25/26) was S$1.71.
Distribution Statements
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MPACT | 2025MPACT | Source |
|---|---|---|---|---|---|
| Opening distribution balance | |||||
| Amount available for distribution to Unitholders at beginning of financial year$’000 | 141,525 | 158,112 | 179,317 | 177,781 | PDF p. 110 |
| Distribution calculation | |||||
| Profit after tax attributable to Unitholders$’000 | 261,274 | 584,181 | 138,248 | 119,403 | PDF p. 110 |
| Adjustment for net effect of non-tax chargeable items and other adjustments (Note A)$’000 | 160,106 | (161,159) | 294,160 | 321,742 | PDF p. 110 |
| Amount available for distribution for the year$’000 | 421,380 | 423,022 | 432,408 | 441,145 | PDF p. 110 |
| Distribution to Unitholders | |||||
| Distribution of 1.95 cents per unit for the period from 1 January 2025 to 31 March 2025$’000 | (102,718) | – | (102,718) | – | PDF p. 110 |
| Distribution of 2.01 cents per unit for the period from 1 April 2025 to 30 June 2025$’000 | (105,949) | – | (105,949) | – | PDF p. 110 |
| Distribution of 2.01 cents per unit for the period from 1 July 2025 to 30 September 2025$’000 | (106,023) | – | (106,023) | – | PDF p. 110 |
| Distribution of 2.05 cents per unit for the period from 1 October 2025 to 31 December 2025$’000 | (108,199) | – | (108,199) | – | PDF p. 110 |
| Distribution of 2.29 cents per unit for the period from 1 January 2024 to 31 March 2024$’000 | – | (120,293) | – | (120,293) | PDF p. 110 |
| Distribution of 2.09 cents per unit for the period from 1 April 2024 to 30 June 2024$’000 | – | (109,872) | – | (109,872) | PDF p. 110 |
| Distribution of 1.98 cents per unit for the period from 1 July 2024 to 30 September 2024$’000 | – | (104,166) | – | (104,166) | PDF p. 110 |
| Distribution of 2.00 cents per unit for the period from 1 October 2024 to 31 December 2024$’000 | – | (105,278) | – | (105,278) | PDF p. 110 |
| Total Unitholders’ distribution (including capital distribution) (Note B)$’000 | (422,889) | (439,609) | (422,889) | (439,609) | PDF p. 110 |
| Closing distribution balance | |||||
| Amount available for distribution to Unitholders at end of financial year$’000 | 140,016 | 141,525 | 188,836 | 179,317 | PDF p. 110 |
Definitions & sources
Original report: PDF p. 110 ↗
Footnotes are included in the report text: the Note B distribution totals do not sum due to rounding differences.
Distribution Statements — Note A and Note B
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group | 2025Group | 2026MPACT | 2025MPACT | Source |
|---|---|---|---|---|---|
| Note A; Major non-tax deductible/(chargeable) items | |||||
| Trustee’s fees$’000 | 1,731 | 1,761 | 1,731 | 1,761 | PDF p. 111 |
| Financing fees$’000 | 8,669 | 10,008 | 4,654 | 4,213 | PDF p. 111 |
| Management fees paid/payable in units$’000 | 17,931 | 18,001 | 17,931 | 18,001 | PDF p. 111 |
| Net change in fair value of financial derivatives$’000 | 43,133 | 654 | – | – | PDF p. 111 |
| Net change in fair value of investment properties$’000 | 114,836 | (156,045) | (208,384) | (528,442) | PDF p. 111 |
| Net loss/(gain) on divestment of investment properties$’000 | 12,920 | (4,006) | – | (4,006) | PDF p. 111 |
| Net unrealised foreign exchange (gain)/loss$’000 | (1,004) | 636 | – | – | PDF p. 111 |
| Impairment loss on investment in a subsidiary$’000 | – | – | 467,335 | 814,215 | PDF p. 111 |
| Share of fair value gain of investment property of a joint venture$’000 | (5,252) | (3,696) | – | – | PDF p. 111 |
| Deferred tax credit$’000 | (32,471) | (28,440) | – | – | PDF p. 111 |
| Note A; Other adjustments | |||||
| Other non-tax deductible items and other adjustments$’000 | (387) | (32) | 10,893 | 16,000 | PDF p. 111 |
| Note A subtotal | |||||
| Subtotal$’000 | 160,106 | (161,159) | 294,160 | 321,742 | PDF p. 111 |
| Note B; Distribution composition | |||||
| Taxable income distribution$’000 | (322,706) | (301,312) | (322,706) | (301,312) | PDF p. 111 |
| Capital distribution$’000 | (12,653) | (69,406) | (12,653) | (69,406) | PDF p. 111 |
| Tax-exempt income distribution$’000 | (87,529) | (68,892) | (87,529) | (68,892) | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
Distribution statement amounts in $’000. The per-unit rates printed in labels describe each distribution period.
Note B component total on page 111 carries a fused superscript footnote and is represented by the same total row on page 110, where it is printed without that marker.
Statements of Movements in Unitholders’ Funds — Group 2026 (continued page 114)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; Units in issue and to be issued ($’000) | 2026Group; Foreign currency translation reserve ($’000) | 2026Group; Hedging reserve ($’000) | 2026Group; General reserve ($’000) | 2026Group; Retained earnings ($’000) | 2026Group; Total unitholders’ funds ($’000) | 2026Group; Perpetual securities ($’000) | 2026Group; Non-controlling interests ($’000) | 2026Group; Total equity ($’000) | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Statements of Movements in Unitholders’ Funds | ||||||||||
| At 1 April 2025$’000 | 7,673,968 | (335,862) | (8,378) | 3,254 | 2,031,015 | 9,363,997 | 249,270 | 11,276 | 9,624,543 | PDF p. 114 |
| Profit/(Loss) for the year$’000 | – | – | – | – | 261,274 | 261,274 | 4,375 | (175) | 265,474 | PDF p. 114 |
| Fair value (loss)/ gain on financial derivatives, net of tax$’000 | – | – | (7,263) | – | – | (7,263) | – | 75 | (7,188) | PDF p. 114 |
| Reclassification of hedging reserve to profit or loss, net of tax$’000 | – | – | 22,738 | – | – | 22,738 | – | 1 | 22,739 | PDF p. 114 |
| Net currency translation differences relating to financial statements of foreign subsidiaries$’000 | – | (19,725) | – | – | – | (19,725) | – | 39 | (19,686) | PDF p. 114 |
| Net currency translation differences on monetary items forming part of net investments in foreign operations$’000 | – | (92,245) | – | – | – | (92,245) | – | – | (92,245) | PDF p. 114 |
| Net currency translation differences on hedges of net investment in foreign operations$’000 | – | 10,749 | – | – | – | 10,749 | – | – | 10,749 | PDF p. 114 |
| Share of currency translation differences of a foreign joint venture$’000 | – | (6,988) | – | – | – | (6,988) | – | – | (6,988) | PDF p. 114 |
| Share of hedging reserve of a foreign joint venture$’000 | – | – | 524 | – | – | 524 | – | – | 524 | PDF p. 114 |
| Total other comprehensive income, net of tax$’000 | – | (108,209) | 15,999 | – | – | (92,210) | – | 115 | (92,095) | PDF p. 114 |
| Total comprehensive income for the year, net of tax$’000 | – | (108,209) | 15,999 | – | 261,274 | 169,064 | 4,375 | (60) | 173,379 | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
All column units are $’000 as printed; the “Units in issue and to be issued” column is a monetary equity component. Continued rows are split by physical page.
Statements of Movements in Unitholders’ Funds — Group 2026 (continued page 115)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Group; Units in issue and to be issued ($’000) | 2026Group; Foreign currency translation reserve ($’000) | 2026Group; Hedging reserve ($’000) | 2026Group; General reserve ($’000) | 2026Group; Retained earnings ($’000) | 2026Group; Total unitholders’ funds ($’000) | 2026Group; Perpetual securities ($’000) | 2026Group; Non-controlling interests ($’000) | 2026Group; Total equity ($’000) | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Statements of Movements in Unitholders’ Funds | ||||||||||
| New units issued and to be issued arising from settlement of management fees$’000 | 22,340 | – | – | – | – | 22,340 | – | – | 22,340 | PDF p. 115 |
| Distributions to unitholders$’000 | – | – | – | – | (422,889) | (422,889) | – | – | (422,889) | PDF p. 115 |
| Coupon paid for perpetual securities$’000 | – | – | – | – | – | – | (4,535) | – | (4,535) | PDF p. 115 |
| Total contributions by and distributions to equity holders$’000 | 22,340 | – | – | – | (422,889) | (400,549) | (4,535) | – | (405,084) | PDF p. 115 |
| Total transactions with equity holders$’000 | 22,340 | – | – | – | (422,889) | (400,549) | (4,535) | – | (405,084) | PDF p. 115 |
| Transfer to general reserve$’000 | – | – | – | 867 | (867) | – | – | – | – | PDF p. 115 |
| At 31 March 2026$’000 | 7,696,308 | (444,071) | 7,621 | 4,121 | 1,868,533 | 9,132,512 | 249,110 | 11,216 | 9,392,838 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
All column units are $’000 as printed; the “Units in issue and to be issued” column is a monetary equity component. Continued rows are split by physical page.
Statements of Movements in Unitholders’ Funds — Group 2025 (continued page 116)
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Units in issue and to be issued ($’000) | 2025Group; Foreign currency translation reserve ($’000) | 2025Group; Hedging reserve ($’000) | 2025Group; General reserve ($’000) | 2025Group; Retained earnings ($’000) | 2025Group; Total unitholders’ funds ($’000) | 2025Group; Perpetual securities ($’000) | 2025Group; Non-controlling interests ($’000) | 2025Group; Total equity ($’000) | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Statements of Movements in Unitholders’ Funds | ||||||||||
| At 1 April 2024$’000 | 7,655,248 | (339,733) | 3,951 | 2,104 | 1,887,593 | 9,209,163 | 249,282 | 12,757 | 9,471,202 | PDF p. 116 |
| Profit/(Loss) for the year$’000 | – | – | – | – | 584,181 | 584,181 | 4,647 | (1,527) | 587,301 | PDF p. 116 |
| Fair value gain on financial derivatives, net of tax$’000 | – | – | 28,038 | – | – | 28,038 | – | 78 | 28,116 | PDF p. 116 |
| Reclassification of hedging reserve to profit or loss, net of tax$’000 | – | – | (40,367) | – | – | (40,367) | – | 20 | (40,347) | PDF p. 116 |
| Net currency translation differences relating to financial statements of foreign subsidiaries$’000 | – | (189) | – | – | – | (189) | – | (52) | (241) | PDF p. 116 |
| Net currency translation differences on monetary items forming part of net investments in foreign operations$’000 | – | 7,678 | – | – | – | 7,678 | – | – | 7,678 | PDF p. 116 |
| Net currency translation differences on hedges of net investment in foreign operations$’000 | – | 7,738 | – | – | – | 7,738 | – | – | 7,738 | PDF p. 116 |
| Share of currency translation differences of a foreign joint venture$’000 | – | (11,356) | – | – | – | (11,356) | – | – | (11,356) | PDF p. 116 |
| Total other comprehensive income, net of tax$’000 | – | 3,871 | (12,329) | – | – | (8,458) | – | 46 | (8,412) | PDF p. 116 |
| Total comprehensive income for the year, net of tax$’000 | – | 3,871 | (12,329) | – | 584,181 | 575,723 | 4,647 | (1,481) | 578,889 | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
All column units are $’000 as printed; the “Units in issue and to be issued” column is a monetary equity component. Continued rows are split by physical page.
Statements of Movements in Unitholders’ Funds — Group 2025 (continued page 117)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group; Units in issue and to be issued ($’000) | 2025Group; Foreign currency translation reserve ($’000) | 2025Group; Hedging reserve ($’000) | 2025Group; General reserve ($’000) | 2025Group; Retained earnings ($’000) | 2025Group; Total unitholders’ funds ($’000) | 2025Group; Perpetual securities ($’000) | 2025Group; Non-controlling interests ($’000) | 2025Group; Total equity ($’000) | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Statements of Movements in Unitholders’ Funds | ||||||||||
| New units issued and to be issued arising from settlement of management fees$’000 | 18,720 | – | – | – | – | 18,720 | – | – | 18,720 | PDF p. 117 |
| Distributions to unitholders$’000 | – | – | – | – | (439,609) | (439,609) | – | – | (439,609) | PDF p. 117 |
| Coupon paid for perpetual securities$’000 | – | – | – | – | – | – | (4,659) | – | (4,659) | PDF p. 117 |
| Total contributions by and distributions to equity holders$’000 | 18,720 | – | – | – | (439,609) | (420,889) | (4,659) | – | (425,548) | PDF p. 117 |
| Total transactions with equity holders$’000 | 18,720 | – | – | – | (439,609) | (420,889) | (4,659) | – | (425,548) | PDF p. 117 |
| Transfer to general reserve$’000 | – | – | – | 1,150 | (1,150) | – | – | – | – | PDF p. 117 |
| At 31 March 2025$’000 | 7,673,968 | (335,862) | (8,378) | 3,254 | 2,031,015 | 9,363,997 | 249,270 | 11,276 | 9,624,543 | PDF p. 117 |
Definitions & sources
Original report: PDF p. 117 ↗
All column units are $’000 as printed; the “Units in issue and to be issued” column is a monetary equity component. Continued rows are split by physical page.
Statements of Movements in Unitholders’ Funds — MPACT 2026 (continued page 118)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026MPACT; Units in issue and to be issued ($’000) | 2026MPACT; Hedging reserve ($’000) | 2026MPACT; Retained earnings ($’000) | 2026MPACT; Total unitholders’ funds / Total equity ($’000) | Source |
|---|---|---|---|---|---|
| Statements of Movements in Unitholders’ Funds | |||||
| At 1 April 2025$’000 | 7,673,968 | (7,870) | 1,616,843 | 9,282,941 | PDF p. 118 |
| Profit for the year$’000 | – | – | 138,248 | 138,248 | PDF p. 118 |
| Fair value loss on financial derivatives, net of tax$’000 | – | (9,424) | – | (9,424) | PDF p. 118 |
| Reclassification of hedging reserve to profit or loss, net of tax$’000 | – | 12,783 | – | 12,783 | PDF p. 118 |
| Total other comprehensive income, net of tax$’000 | – | 3,359 | – | 3,359 | PDF p. 118 |
| Total comprehensive income for the year, net of tax$’000 | – | 3,359 | 138,248 | 141,607 | PDF p. 118 |
| New units issued and to be issued arising from settlement of management fees$’000 | 22,340 | – | – | 22,340 | PDF p. 118 |
| Distributions to unitholders$’000 | – | – | (422,889) | (422,889) | PDF p. 118 |
| Total contributions by and distributions to equity holders$’000 | 22,340 | – | (422,889) | (400,549) | PDF p. 118 |
| Total transactions with equity holders$’000 | 22,340 | – | (422,889) | (400,549) | PDF p. 118 |
| At 31 March 2026$’000 | 7,696,308 | (4,511) | 1,332,202 | 9,023,999 | PDF p. 118 |
Definitions & sources
Original report: PDF p. 118 ↗
All column units are $’000 as printed; the “Units in issue and to be issued” column is a monetary equity component. Continued rows are split by physical page.
Statements of Movements in Unitholders’ Funds — MPACT 2025 (continued page 119)
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025MPACT; Units in issue and to be issued ($’000) | 2025MPACT; Hedging reserve ($’000) | 2025MPACT; Retained earnings ($’000) | 2025MPACT; Total unitholders’ funds / Total equity ($’000) | Source |
|---|---|---|---|---|---|
| Statements of Movements in Unitholders’ Funds | |||||
| At 1 April 2024$’000 | 7,655,248 | 10,526 | 1,937,049 | 9,602,823 | PDF p. 119 |
| Profit for the year$’000 | – | – | 119,403 | 119,403 | PDF p. 119 |
| Fair value loss on financial derivatives, net of tax$’000 | – | (11,255) | – | (11,255) | PDF p. 119 |
| Reclassification of hedging reserve to profit or loss, net of tax$’000 | – | (7,141) | – | (7,141) | PDF p. 119 |
| Total other comprehensive income, net of tax$’000 | – | (18,396) | – | (18,396) | PDF p. 119 |
| Total comprehensive income for the year, net of tax$’000 | – | (18,396) | 119,403 | 101,007 | PDF p. 119 |
| New units issued and to be issued arising from settlement of management fees$’000 | 18,720 | – | – | 18,720 | PDF p. 119 |
| Distributions to unitholders$’000 | – | – | (439,609) | (439,609) | PDF p. 119 |
| Total contributions by and distributions to equity holders$’000 | 18,720 | – | (439,609) | (420,889) | PDF p. 119 |
| Total transactions with equity holders$’000 | 18,720 | – | (439,609) | (420,889) | PDF p. 119 |
| At 31 March 2025$’000 | 7,673,968 | (7,870) | 1,616,843 | 9,282,941 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 119 ↗
All column units are $’000 as printed; the “Units in issue and to be issued” column is a monetary equity component. Continued rows are split by physical page.
Total Returns Since IPO
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026Since IPO to 31 March 2026 | Source |
|---|---|---|
| Total Returns Since IPO | ||
| Capital Appreciation% | 50.0 | PDF p. 5 |
| Total Distribution% | 140.4 | PDF p. 5 |
| Total Return% | 190.4 | PDF p. 5 |
Definitions & sources
Original report: PDF p. 5 ↗
Footnote 4: The sum of distributions and capital appreciation for the period since listing on 27 April 2011 to 31 March 2026, based on unit issue price at IPO S$0.88, closing unit price S$1.32 as at 31 March 2026, and total DPU of 123.59 Singapore cents since IPO.
Five-year financial highlights — Gross Revenue
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As reported; FY25/26 | 2025As reported; FY24/25 | 2024As reported; FY23/24 | 2023As reported; FY22/23 | 2022As reported; FY21/22 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Gross RevenueS$ million | 867.3 | 908.8 | 958.1 | 826.2 | 499.5 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Gross revenue and Net Property Income (“NPI”) do not include contribution from The Pinnacle Gangnam. MPACT shares profit after tax of The Pinnacle Gangnam based on its 50% effective interest.
Includes the effect of a one-off divestment-related tax charge of S$8.3 million. Excluding the one-off divestment-related tax charge, underlying FY25/26 Distribution Per Unit (“DPU”) would be 8.11 Singapore cents.
DPU effect from the one-off divestment-related tax charge of S$8.3 million.
Five-year financial highlights — Net Property Income
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As reported; FY25/26 | 2025As reported; FY24/25 | 2024As reported; FY23/24 | 2023As reported; FY22/23 | 2022As reported; FY21/22 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Net Property IncomeS$ million | 654.4 | 683.5 | 727.9 | 631.9 | 388.7 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Gross revenue and Net Property Income (“NPI”) do not include contribution from The Pinnacle Gangnam. MPACT shares profit after tax of The Pinnacle Gangnam based on its 50% effective interest.
Includes the effect of a one-off divestment-related tax charge of S$8.3 million. Excluding the one-off divestment-related tax charge, underlying FY25/26 Distribution Per Unit (“DPU”) would be 8.11 Singapore cents.
DPU effect from the one-off divestment-related tax charge of S$8.3 million.
Five-year financial highlights — Amount Available for Distribution to Unitholders
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As reported; FY25/26 | 2025As reported; FY24/25 | 2024As reported; FY23/24 | 2023As reported; FY22/23 | 2022As reported; FY21/22 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Amount Available for Distribution to UnitholdersS$ million | 421.4 | 423.0 | 468.6 | 445.6 | 317.0 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Gross revenue and Net Property Income (“NPI”) do not include contribution from The Pinnacle Gangnam. MPACT shares profit after tax of The Pinnacle Gangnam based on its 50% effective interest.
Includes the effect of a one-off divestment-related tax charge of S$8.3 million. Excluding the one-off divestment-related tax charge, underlying FY25/26 Distribution Per Unit (“DPU”) would be 8.11 Singapore cents.
DPU effect from the one-off divestment-related tax charge of S$8.3 million.
Five-year financial highlights — Distribution Per Unit
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As reported; FY25/26 | 2025As reported; FY24/25 | 2024As reported; FY23/24 | 2023As reported; FY22/23 | 2022As reported; FY21/22 | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Distribution Per UnitSingapore cents | 7.97 | 8.02 | 8.91 | 9.61 | 9.53 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Gross revenue and Net Property Income (“NPI”) do not include contribution from The Pinnacle Gangnam. MPACT shares profit after tax of The Pinnacle Gangnam based on its 50% effective interest.
Includes the effect of a one-off divestment-related tax charge of S$8.3 million. Excluding the one-off divestment-related tax charge, underlying FY25/26 Distribution Per Unit (“DPU”) would be 8.11 Singapore cents.
DPU effect from the one-off divestment-related tax charge of S$8.3 million.
FY2025/26 year-on-year decreases
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As reported; change from FY2024/25 | Source |
|---|---|---|
| Year-on-year decrease (printed down arrow) | ||
| Gross Revenue% | 4.6 | PDF p. 4 |
| Net Property Income% | 4.3 | PDF p. 4 |
| Amount Available for Distribution to Unitholders% | 0.4 | PDF p. 4 |
| Distribution Per Unit% | 0.6 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
The source prints a down arrow beside each percentage; values are the printed decrease magnitudes.
FY2025/26 DPU and one-off tax effect
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2026As reported; FY2025/26 | Source |
|---|---|---|
| Reported DPU adjustments | ||
| Underlying FY25/26 DPU before one-off divestment-related tax chargeSingapore cents per unit | 8.11 | PDF p. 4 |
| DPU effect from one-off divestment-related tax chargeSingapore cents per unit | 0.14 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
Gross revenue and Net Property Income (“NPI”) do not include contribution from The Pinnacle Gangnam. MPACT shares profit after tax of The Pinnacle Gangnam based on its 50% effective interest.
Includes the effect of a one-off divestment-related tax charge of S$8.3 million. Excluding the one-off divestment-related tax charge, underlying FY25/26 Distribution Per Unit (“DPU”) would be 8.11 Singapore cents.
DPU effect from the one-off divestment-related tax charge of S$8.3 million.
Where the money comes from
Segment information
By business
Segment reporting FY ended 31 March 2026 – segment assets and additions 8 lines
| Item / unit | 2026VivoCity (Singapore) | 2026MBC (Singapore) | 2026Other Singapore Properties (Singapore) | 2026Festival Walk (Hong Kong) | 2026China Properties (China) | 2026Japan Properties (Japan) | 2026TPG (Korea) | 2026Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment assets | |||||||||
| – Investment properties$'000 | 4,062,000 | 4,042,000 | 1,187,000 | 3,387,141 | 1,367,046 | 944,877 | – | 14,990,064 | PDF p. 189 |
| – Plant and equipment$'000 | 34 | 153 | 11 | 1,768 | 56 | – | – | 2,022 | PDF p. 189 |
| – Investment in a joint venture$'000 | – | – | – | – | – | – | 109,825 | 109,825 | PDF p. 189 |
| Non-current assets$'000 | 4,062,034 | 4,042,153 | 1,187,011 | 3,388,909 | 1,367,102 | 944,877 | 109,825 | 15,101,911 | PDF p. 189 |
| – Trade and other receivables$'000 | 3,954 | 587 | 199 | 354 | 8,768 | 2,245 | 2,168 | 18,275 | PDF p. 189 |
| – Inventories$'000 | – | – | – | 123 | – | – | – | 123 | PDF p. 189 |
| Other segment information – Additions to | |||||||||
| – Investment properties$'000 | 48,938 | 11,608 | 3,451 | 7,976 | 5,179 | 8,645 | – | 85,797 | PDF p. 189 |
| – Plant and equipment$'000 | – | 137 | – | 833 | 44 | – | – | 1,014 | PDF p. 189 |
Notes
Subtotal row after Inventories (4,065,988 4,042,740 1,187,210 3,389,386 1,375,870 947,122 111,993 15,120,309) is unlabelled in source and not extracted.
Unallocated assets comprise cash and bank balances, other receivables, tax recoverable, other assets and derivative financial instruments.
1 Include mTower and BOAHF. 2 Include Sandhill Plaza and Gateway Plaza.
Segment reporting FY ended 31 March 2025 – segment assets and additions 8 lines
| Item / unit | 2025VivoCity (Singapore) | 2025MBC (Singapore) | 2025Other Singapore Properties (Singapore) | 2025Festival Walk (Hong Kong) | 2025China Properties (China) | 2025Japan Properties (Japan) | 2025TPG (Korea) | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment assets | |||||||||
| – Investment properties$'000 | 3,855,000 | 4,014,000 | 1,144,000 | 4,086,421 | 1,465,315 | 1,163,966 | – | 15,728,702 | PDF p. 191 |
| – Plant and equipment$'000 | 40 | 60 | 10 | 1,655 | 33 | – | – | 1,798 | PDF p. 191 |
| – Investment in a joint venture$'000 | – | – | – | – | – | – | 110,874 | 110,874 | PDF p. 191 |
| Non-current assets$'000 | 3,855,040 | 4,014,060 | 1,144,010 | 4,088,076 | 1,465,348 | 1,163,966 | 110,874 | 15,841,374 | PDF p. 191 |
| – Trade and other receivables$'000 | 2,877 | 538 | 232 | 1,110 | 1,238 | 7,225 | 2,594 | 15,814 | PDF p. 191 |
| – Inventories$'000 | – | – | – | 130 | – | – | – | 130 | PDF p. 191 |
| Other segment information – Additions to | |||||||||
| – Investment properties$'000 | 23,719 | 9,339 | 3,526 | 8,081 | 2,500 | 14,985 | – | 62,150 | PDF p. 191 |
| – Plant and equipment$'000 | 19 | 56 | – | 953 | 31 | – | – | 1,059 | PDF p. 191 |
Notes
Subtotal row after Inventories (3,857,917 4,014,598 1,144,242 4,089,316 1,466,586 1,171,191 113,468 15,857,318) is unlabelled in source and not extracted.
1 Include mTower and BOAHF. 2 Include Sandhill Plaza and Gateway Plaza.
By geography
Segment reporting FY ended 31 March 2026 – income by property/geographical market 6 lines
| Item / unit | 2026VivoCity (Singapore) | 2026MBC (Singapore) | 2026Other Singapore Properties (Singapore) | 2026Festival Walk (Hong Kong) | 2026China Properties (China) | 2026Japan Properties (Japan) | 2026TPG (Korea) | 2026Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment results | |||||||||
| Gross revenue$'000 | 253,228 | 228,972 | 73,158 | 181,368 | 72,927 | 57,634 | – | 867,287 | PDF p. 188 |
| Property operating expenses$'000 | (63,271) | (45,944) | (16,381) | (47,831) | (14,154) | (25,279) | – | (212,860) | PDF p. 188 |
| Segment net property income$'000 | 189,957 | 183,028 | 56,777 | 133,537 | 58,773 | 32,355 | – | 654,427 | PDF p. 188 |
| Net change in fair value of investment properties$'000 | 158,094 | 14,285 | 39,993 | (185,132) | (112,892) | (29,638) | – | (115,290) | PDF p. 188 |
| Net loss on divestment of investment properties$'000 | – | – | – | (10,263) | – | (2,685) | – | (12,948) | PDF p. 188 |
| Share of profit of a joint venture$'000 | – | – | – | – | – | – | 10,647 | 10,647 | PDF p. 188 |
Notes
Blank cells are not printed in the source (reconciling items shown in Total column only).
Profit before tax and fair value change in investment properties, loss on divestment of investment properties and share of profit of a joint venture: 378,332 (Total).
Major tenant: There was no tenant (2025: Nil) that contributed more than 10% of the gross revenue of the Group.
1 Include mTower and BOAHF. 2 The contribution from the office component of Festival Walk Tower is from 1 April 2025 to 2 February 2026. 3 Include Sandhill Plaza and Gateway Plaza. 4 The contribution from TSI and ASY is from 1 April 2025 to 21 August 2025 and 1 April 2025 to 27 August 2025, respectively.
Segment reporting FY ended 31 March 2025 – income by property/geographical market 6 lines
| Item / unit | 2025VivoCity (Singapore) | 2025MBC (Singapore) | 2025Other Singapore Properties (Singapore) | 2025Festival Walk (Hong Kong) | 2025China Properties (China) | 2025Japan Properties (Japan) | 2025TPG (Korea) | 2025Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment results | |||||||||
| Gross revenue$'000 | 242,194 | 229,888 | 82,978 | 199,754 | 83,076 | 70,951 | – | 908,841 | PDF p. 190 |
| Property operating expenses$'000 | (65,587) | (47,073) | (20,002) | (50,954) | (14,981) | (26,707) | – | (225,304) | PDF p. 190 |
| Segment net property income$'000 | 176,607 | 182,815 | 62,976 | 148,800 | 68,095 | 44,244 | – | 683,537 | PDF p. 190 |
| Net change in fair value of investment properties$'000 | 472,948 | 150,141 | (406) | (230,907) | (105,292) | (132,465) | – | 154,019 | PDF p. 190 |
| Net gain on divestment of an investment property$'000 | – | – | 4,006 | – | – | – | – | 4,006 | PDF p. 190 |
| Share of profit of a joint venture$'000 | – | – | – | – | – | – | 8,852 | 8,852 | PDF p. 190 |
Notes
Blank cells are not printed in the source.
Profit before tax and fair value change in investment properties, gain on divestment of an investment property and share of profit of a joint venture: 414,311 (Total).
1 Include mTower and BOAHF. 2 The contribution from Mapletree Anson is from 1 April 2024 to 31 July 2024. 3 Include Sandhill Plaza and Gateway Plaza.
Debt
Borrowings
Loans from a subsidiary (MPACT) by maturity and interest rate
| Item / unit | 202631 March | 202531 March | Source |
|---|---|---|---|
| 2012 MTN Programme | |||
| (i) 24 August 2026$'000 | 175,000 | 175,000 | PDF p. 164 |
| (ii) 22 November 20291$'000 | – | 250,000 | PDF p. 164 |
| 2022 EMTN Programme | |||
| (iii) 11 March 2032$'000 | 200,000 | 200,000 | PDF p. 164 |
| (iv) 13 August 2032$'000 | 200,000 | – | PDF p. 164 |
| Bank borrowings | |||
| (v) 1 August 2030$'000 | 100,000 | – | PDF p. 164 |
| (vi) 9 June 2030$'000 | 100,000 | – | PDF p. 164 |
| Loans from a subsidiary | |||
| Total$'000 | 775,000 | 625,000 | PDF p. 164 |
Notes
Loans are unsecured and repayable in full at maturity. Footnote 1: MPACT repaid this loan to MPACT TCo on 28 April 2025, before its maturity date using the proceeds from the drawdown of bank borrowings.
Borrowing notes 4 tables
Borrowings and loans from a subsidiary
| Item / unit | 2026Group, 31 March | 2025Group, 31 March | 2026MPACT, 31 March | 2025MPACT, 31 March | Source |
|---|---|---|---|---|---|
| Borrowings - Current | |||||
| Bank loans (unsecured)$'000 | 314,607 | 447,137 | 220,000 | 50,000 | PDF p. 162 |
| Medium term notes (unsecured)$'000 | 193,408 | – | – | – | PDF p. 162 |
| Transaction costs to be amortised$'000 | (83) | (565) | – | (184) | PDF p. 162 |
| Borrowings - Non-current | |||||
| Bank loans (unsecured)$'000 | 3,907,318 | 4,412,870 | 1,395,000 | 1,620,000 | PDF p. 162 |
| Medium term notes (unsecured)$'000 | 1,100,000 | 1,094,333 | – | – | PDF p. 162 |
| TMK bonds (unsecured)$'000 | 56,233 | 63,127 | – | – | PDF p. 162 |
| Transaction costs to be amortised$'000 | (14,745) | (19,785) | (7,059) | (9,052) | PDF p. 162 |
| Loans from a subsidiary - Current | |||||
| Loans from a subsidiary$'000 | – | – | 175,000 | – | PDF p. 162 |
| Loans from a subsidiary - Non-current | |||||
| Loans from a subsidiary$'000 | – | – | 600,000 | 625,000 | PDF p. 162 |
Notes
Current borrowings subtotals: Group 507,932 / 446,572; MPACT 220,000 / 49,816. Non-current: Group 5,048,806 / 5,550,545; MPACT 1,387,941 / 1,610,948. Grand total 5,556,738 / 5,997,117 (Group); 2,380,548 / 2,283,327 (MPACT).
All borrowings are unsecured. VivoCity, MBC I, MBC II, Festival Walk and Gateway Plaza are subject to a negative pledge.
Group non-current bank loans mature between 2027 and 2030 (2025: 2026 and 2030); medium term notes 2027 to 2034 (2025: 2026 and 2034); TMK bonds 2029. MPACT non-current bank loans 2028 to 2029 (2025: 2027 and 2030); loans from a subsidiary 2028 to 2032 (2025: 2026 and 2032).
Weighted average all-in cost of borrowings (effective interest rates)
| Item / unit | 2026Group, 31 March | 2025Group, 31 March | 2026MPACT, 31 March | 2025MPACT, 31 March | Source |
|---|---|---|---|---|---|
| Effective interest rates | |||||
| Bank loans (unsecured)% | 3.13 | 3.78 | 3.34 | 3.77 | PDF p. 164 |
| Medium term notes (unsecured)% | 3.35 | 3.44 | – | – | PDF p. 164 |
| TMK bonds (unsecured)% | 1.84 | 1.56 | – | – | PDF p. 164 |
| Loans from a subsidiary% | – | – | 2.98 | 3.13 | PDF p. 164 |
Notes
The weighted average all-in cost of borrowings, including amortised cost charged on the outstanding loans as at 31 March 2026 and 2025.
Undrawn committed borrowing facilities
| Item / unit | 2026Group, 31 March | 2025Group, 31 March | 2026MPACT, 31 March | 2025MPACT, 31 March | Source |
|---|---|---|---|---|---|
| Undrawn committed borrowing facilities | |||||
| Expiring beyond one year$'000 | 772,736 | 1,053,877 | 766,191 | 676,442 | PDF p. 164 |
Key debt metrics (Capital Management)
| Item / unit | 2026As at 31 March 2026 | 2025As at 31 March 2025 | Source |
|---|---|---|---|
| Key Financial Metrics and Indicators | |||
| Total Gross Debt Outstanding1 (S$ million)S$ million | 5,685.9 | 6,139.9 | PDF p. 37 |
| % of Fixed-Rate Debt% | 75.1 | 79.9 | PDF p. 37 |
| Weighted Average All-In Cost of Debt (per annum)4% per annum | 3.16 | 3.51 | PDF p. 37 |
Notes
Footnote 1: Includes share attributable to non-controlling interest and MPACT’s proportionate share of joint venture’s gross debt. Footnote 4: Includes amortised transaction costs.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 2.21 Distribution policy | MPACT’s distribution policy is to distribute at least 90.0% of its adjusted taxable income and tax-exempt income, comprising substantially its income from the letting of its properties and related property services income, interest income from the placement of periodic cash surpluses in bank deposits and after deducting allowable expenses and allowances. The actual level of distribution will be determined at the Manager’s discretion, having regard to MPACT’s funding requirements, other capital management considerations and the overall stability of distributions. Distribution is on a quarterly basis and will be in SGD when made. | MPACT | PDF p. 141 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| FY25/26 1Q | 2.01 Singapore cents per unit | FY25/26 1Q DPU (Singapore cents) | PDF p. 35 |
| FY25/26 2Q | 2.01 Singapore cents per unit | FY25/26 2Q DPU (Singapore cents) | PDF p. 35 |
| FY25/26 3Q | 2.05 Singapore cents per unit | FY25/26 3Q DPU (Singapore cents) | PDF p. 35 |
| FY25/26 4Q | 1.90 Singapore cents per unit | FY25/26 4Q DPU (Singapore cents) | PDF p. 35 |
| FY24/25 1Q | 2.09 Singapore cents per unit | FY24/25 1Q DPU (Singapore cents), comparative year | PDF p. 35 |
| FY24/25 2Q | 1.98 Singapore cents per unit | FY24/25 2Q DPU (Singapore cents), comparative year | PDF p. 35 |
| FY24/25 3Q | 2.00 Singapore cents per unit | FY24/25 3Q DPU (Singapore cents), comparative year | PDF p. 35 |
| FY24/25 4Q | 1.95 Singapore cents per unit | FY24/25 4Q DPU (Singapore cents), comparative year | PDF p. 35 |
| Total DPU | 7.97 Singapore cents per unit | FY25/26 full-year DPU (Singapore cents); variance vs FY24/25 printed as (0.6)% | PDF p. 34 |
| – Taxable distribution | 6.21 Singapore cents per unit | FY25/26 (comparative FY24/25 5.66; variance 9.7%) | PDF p. 34 |
| – Capital distribution | 0.51 Singapore cents per unit | FY25/26 (comparative FY24/25 0.94; variance (45.7)%) | PDF p. 34 |
| – Tax-exempt income distribution | 1.25 Singapore cents per unit | FY25/26 (comparative FY24/25 1.42; variance (12.0)%) | PDF p. 34 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Total DPU | 8.02 Singapore cents per unit | FY24/25 full-year DPU (Singapore cents), comparative year | PDF p. 34 |
Extracted from Annual Report 2025/26 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
REIT metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Aggregated Leverage Ratio | 36.5% | As at 31 March 2026; comparative 37.7% as at 31 March 2025 · As at 2026-03-31 | PDF p. 37 |
| ICR3 | 3.2 times | As at 31 March 2026; comparative 2.8 times as at 31 March 2025 · As at 2026-03-31 | PDF p. 37 |
| Weighted Average All-In Cost of Debt (per annum)4 | 3.16% | As at 31 March 2026; comparative 3.51% as at 31 March 2025 · As at 2026-03-31 | PDF p. 37 |
| % of Fixed-Rate Debt | 75.1% | As at 31 March 2026; comparative 79.9% as at 31 March 2025 · As at 2026-03-31 | PDF p. 37 |
| Average Term to Maturity of Debt | 3.0 years | As at 31 March 2026; comparative 3.3 years as at 31 March 2025 · As at 2026-03-31 | PDF p. 37 |
| portfolio committed occupancy | 89.4% | As at 31 March 2026; comparative 89.6% as at 31 March 2025 · As at 2026-03-31 | PDF p. 42 |
| portfolio weighted average lease expiry (“WALE”) on a committed basis | 2.4 years | As at 31 March 2026; no comparative stated in this passage · As at 2026-03-31 | PDF p. 43 |
| Portfolio Property Value (S$ million) | 15,211.1 S$ million | As at 31 March 2026; comparative 15,960.0 as at 31 March 2025 · As at 2026-03-31 | PDF p. 5 |
| Net Asset Value (“NAV”) per Unit (S$) | 1.73 S$ | As at 31 March 2026; comparative 1.78 as at 31 March 2025 · As at 2026-03-31 | PDF p. 5 |
| Distribution Per Unit | 7.97cents | FY25/26 (year ended 31 March 2026); comparative FY24/25 8.02 Singapore cents | PDF p. 4 |
Extracted from Annual Report 2025/26 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | KPMG LLP | Group and Trust, year ended 31 March 2026 | PDF p. 106 |
| Engagement partner | Lo Mun Wai | Group and Trust, year ended 31 March 2026 | PDF p. 106 |
| Auditors' report date | 15 May 2026 | Group and Trust · As at 2026-05-15 | PDF p. 106 |
| Opinion | present fairly, in all material respects | Group and Trust, year ended 31 March 2026 | PDF p. 102 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of investment properties | As at 31 March 2026, the carrying value of the Group’s investment properties of $15.0 billion accounted for 97% of the Group’s total assets. | Group · As at 2026-03-31 | PDF p. 103 |
Extracted from Annual Report 2025/26 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025/26, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.