Higher rentals and occupancy rates boost DPU at Mapletree Industrial Trust

HIGHER rentals and occupancy rates helped boost the fourth quarter distribution per unit (DPU) at Mapletree Industrial Trust.

The industrial real estate investment trust will pay unitholders 2.51 cents for the three months to March 31, up from the DPU of 2.37 cents in the same quarter last year.

It booked $75.2 million revenue, up 4.2 per cent over the fourth quarter last year, while net property income came in 7.5 per cent higher at $53.3 million.

The trust secured higher rental rates for leases across all property segments except business park buildings, it said yesterday. Occupancy rates in flatted factories were also up compared with the corresponding quarter last year.

Gross revenue for the full financial year came in at $299.3 million, 8.3 per cent higher than the previous year.

The DPU for the full year was 9.92 cents, 7.4 per cent up from 9.24 cents a year ago.

Although the supply of industrial space on the market is expected to increase, rents in the group's portfolio are expected to remain stable in the next 12 months, it said on Tuesday.