The manager of Mapletree Industrial Trust (MINT) has announced distribution per unit (DPU) of 3.35 cents for the 1QFY2021/2022 ended June, 16.7% higher than DPU of 2.87 cents for the 1QFY2020/2021.
Gross revenue for the quarter rose 29.2% y-o-y to $128.1 million, while net property income (NPI) increased by 33.1% y-o-y to $104.7 million. The growth was mainly due to the consolidation of revenue and expenses from the 14 data centres in the US, the contribution from MINT’s recent acquisition of 8011 Villa Park Drive in Virginia, as well as the absence of rental reliefs provided to tenants during the 1QFY2021/2022.
Accordingly, distributable amount for the quarter stood 17.2% higher y-o-y at $82.7 million.
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As at June 30, the REIT’s average overall portfolio occupancy increased 0.6 percentage points q-o-q to 94.3%, attributable to the full quarter impact of the completion of the acquisition of the Virginia property, as well as an improvement in the average occupancy of MINT’s Singapore portfolio.
The REIT’s weighted average lease expiry (WALE) stood at 3.7 years in terms of gross rental income (GRI).
As at June 30, cash and cash equivalents stood at $737.4 million.
“The strategic addition of the portfolio of 29 data centres in key data centre markets in the United States will help strengthen MINT’s resilience with the increased freehold land component and long leases with annual rental escalations,” says Tham Kuo Wei, CEO of the manager.
“Our growth strategy is supported by the inaugural issuance of S$300 million of perpetual securities and successful completion of an $823.3 million equity fund raising exercise. Our large and diversified tenant base as well as proactive portfolio rebalancing efforts will put MINT in a good stead to weather the uncertainties ahead,” he adds.
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Units in MINT closed flat at $2.88 on July 27.
Photo: MINT
