SINGAPORE (July 23): The manager of Mapletree Industrial Trust (MIT) has announced distribution per unit (DPU) of 3.10 cents for the 1Q19/20 ended June, some 3.3% higher than DPU of 3.00 cents a year ago, despite an enlarged unit base.
Distributable income for 1Q19/20 grew 11.1% to $63.2 million, driven by higher net property income and income contribution from MIT’s 40% interest in the portfolio of 14 data centres in the US.
1Q19/20 gross revenue rose 8.8% to $99.6 million, from $91.5 million a year ago. The increase was mainly due to new revenue contributions from 18 Tai Seng, 30A Kallang Place, and Mapletree Sunview 1.
Property expenses dipped by 1.7% during the quarter to $21.7 million, from $22.0 million a year ago, mainly attributed to lower property maintenance expenses.
Consequently, net property income (NPI) climbed 12.2% to $77.9 million in 1Q19/20, from $69.5 million a year ago.
Average portfolio occupancy improved slightly to 90.8% in 1Q19/20, from 90.2% in the preceding quarter.
As at end June, cash and cash equivalents stood at $42.5 million.
“We have delivered another set of robust financial results with our well-timed investments within the Hi-Tech Buildings segment,” says Tham Kuo Wei, chief executive officer of the manager.
The manager earlier this month announced its largest redevelopment project of the Kolam Ayer 2 Flatted Factory Cluster into a high-tech industrial precinct at a total project cost of about $263 million.
See: Mapletree Industrial Trust to redevelop Kolam Ayer 2 flatted factory cluster for $263 mil
Tham says this is to “unlock value for the portfolio and utilise untapped plot ratio”.
“The Hi-Tech Buildings segment will continue to underpin our efforts to strengthen MIT’s growth profile,” he adds.
Units in MIT closed 2 cents lower at $2.30 on Tuesday.
