SINGAPORE (Apr 22): The manager of Mapletree Industrial Trust (MIT) has announced a weighted average distribution per unit (DPU) of 3.08 cents for the 4Q18/19 ended March, some 4.4% higher than DPU of 2.95 cents a year ago.
This brings full-year DPU for FY18/19 to 12.16 cents, up 3.5% from DPU of 11.75 cents for FY17/18.
4Q18/19 gross revenue grew 9.3% to $98.8 million, from $90.4 million a year ago.
This was largely due to new contribution from 18 Tai Seng, 30A Kallang Place and Mapletree Sunview 1, partially offset by lower occupancies in the Flatted Factories and Stack-up/Ramp-up Buildings segments.
Property operating expenses were 2.0% higher at $23.0 million, compared to $22.5 million a year ago.
This was mainly attributed to higher marketing commission, partially offset by lower utilities.
Consequently, net property income rose 11.7% to $75.9 million for 4Q18/19, from $67.9 million a year ago.
Net fair value gain on investment properties and investment property under development was halved to $30.8 million in 4Q18/19, compared to $65.5 million a year ago.
Share of joint venture fell 37.4% to $13.2 million, from $21.0 million a year ago.
Amount available for distribution in 4Q18/19 was 8.0% higher at $59.9 million, compared to $55.5 million a year ago.
Average portfolio occupancy increased to 90.2% in 4Q18/19, from 88.2% in the preceding quarter.
As at end March, cash and cash equivalents stood at $40.0 million.
Looking ahead, the manager says it remains focused on tenant retention to maintain a stable portfolio occupancy, as business sentiment among local companies continue to wane.
The group says weaker external demand affecting the wholesale trade and manufacturing sectors, as well as the chain effects of a slowdown in China, have weighed on the outlook within the region.
Meanwhile, it expects upcoming supply of competing industrial space to moderate both the market rents and occupancy rates.
Units in Mapletree Industrial Trust closed 1.5% higher at $2.08 on Monday, , before the announcement of its results.
