Mapletree Industrial Trust reports 3QFY2024 DPU of 3.36 cents, 0.9% lower y-o-y

Mapletree Industrial Trust (MINT) ME8U

ME8U

MAPLETREE INDUSTRIAL TRUST

REAL ESTATE

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has reported a distribution per unit (DPU) of 3.36 cents for the 3QFY2023/2024 ended Dec 31, 2023, 0.9% lower y-o-y. Unitholders will receive their DPUs on March 7.

Compared to the DPU of 3.32 cents for the 3QFY2023/2024, this was a 1.2% increase.

The REIT’s distributable income for the 3QFY2023/2024 increased by 3.1% y-o-y to $95.2 million, partially offset by an enlarged unit base.

The distributable income includes the distribution of compensation received for the compulsory acquisition of part of the land at 2 and 4 Loyang Lane of $2.1 million. The sum was withheld in the 3QFY2021/2022 over two quarters from 2QFY2023/2024 to 3QFY2023/2024. The distributable income also includes the distribution of net divestment gains of $4.2 million from 65 Tech Park Crescent, which was divested on July 20, 2017, over two quarters from 2QFY2023/2024 to 3QFY2023/2024.

Gross revenue for 3QFY2023/2024 grew 2.0% y-o-y to $173.9 million while net property income (NPI) increased by 0.8% y-o-y to $129.9 million. The larger figures were attributed to revenue contributions from the REIT’s data centre in Osaka, Japan acquired on 28 September 2023 and new leases from the redevelopment project, Mapletree Hi-Tech Park @ Kallang Way. 

As at Dec 31, 2023, the REIT’s overall portfolio occupancy stood at 92.6%, 0.6 percentage points lower q-o-q. Portfolio weighted average lease expiry (WALE) stood at 4.4 years by gross rental income (GRI).

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The REIT’s aggregate leverage ratio stood at 38.6% as at end-December while its interest coverage ratio stood at 4.7x.

Cash and cash equivalents stood at $223.6 million as at Dec 31, 2023.

Tham Kuo Wei, CEO of the manager, said that the REIT’s resilient performance is underpinned by its steadfast portfolio rebalancing efforts such as the acquisition of the Osaka Data Centre and the redevelopment project at Kallang Way.

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“We will continue to build on our strengths through accretive investments and selective divestments of non-core assets while focusing on prudent capital management and proactive tenant retention,” he adds.

Units in MINT closed 3 cents lower or 1.22% down at $2.44 on Jan 25.