As at 9.41am, units in Mapletree Industrial Trust (MIT) were down 1.0% to $2.84 from its last closed price of $2.87 on Jan 29 after the REIT reported its results for the 3QFY2020/2021 ended December.
The manager of MIT, on Jan 29, posted distribution per unit (DPU) of 3.28 cents for the 3QFY2020/2021, 3.8% higher than DPU of 3.16 cents a year ago.
Q-o-q, the REIT saw a 5.8% growth compared to 2QFY2020/2021 DPU of 3.10 cents.
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Gross revenue for 3QFY2020/2021 grew 20.5% y-o-y to $123.7 million due to the consolidation of revenue from the 14 data centres in the US. This was partly offset by the rental reliefs extended to tenants and the loss of revenue from the redevelopment of the Kolam Ayer 2 Cluster.
Property operating expenses for the quarter increased by 19.6% y-o-y to $24.8 million due to property taxes and utilities.
As a result, 3QFY2020/2021 net property income (NPI) was up 20.8% y-o-y to $98.9 million, while NPI margin increased by 2 percentage points to 80.0%.
3QFY2020/2021 distributable income grew 16.8% y-o-y to $81.1 million driven by higher NPI and distribution declared by Mapletree Rosewood Data Centre Trust.
Average overall portfolio occupancy increased 0.8 percentage points q-o-q to 93.1% in 3QFY2020/2021.
SEE: Mapletree Industrial Trust emerges as proxy play for Covid-19 pandemic
“Notwithstanding the challenging operating environment, MIT’s resilient portfolio has enabled it to deliver a steady set of financial results. We will continue to grow the Data Centres and Hi-Tech Buildings through strategic acquisitions and developments to enhance portfolio resilience,” says Tham Kuo Wei, CEO of the manager.
Unitholders can expect to receive their distribution on March 8.
