Mapletree Industrial Trust declares 2.73 cents DPU for first quarter

Mapletree Industrial Trust declared a distribution per unit of 2.73 cents for the first quarter of 2015 ended June 30, on Tuesday, July 21, 2015.
Mapletree Industrial Trust declared a distribution per unit of 2.73 cents for the first quarter of 2015 ended June 30, on Tuesday, July 21, 2015.PHOTO: BLOOMBERG

SINGAPORE - Mapletree Industrial Trust has declared distribution per unit of 2.73 cents for the first quarter of 2015 ended June 30, the company said in a release on Tuesday, following higher occupancies across property segments and higher rentals.

The DPU is 8.8 per cent higher than the 2.51 cents declared in the same period in 2014.

Gross revenue for the June quarter was S$81.6 million, 4.1 per cent higher than the corresponding quarter last year.

All property segments except for stack-up/ramp-up buildings, higher rental rates across all property segments, as well as contributions from the build-to-suit (BTS) project for Equinix Singapore at 26A Ayer Rajah Crescent resulted in the positive results.

The firm's property operating costs were S$21.4 million, 1.5 per cent lower than the corresponding quarter last year. This was due mainly to lower utilities expenses arising, from the manager's cost-saving initiative to purchase electricity in bulk, coupled with lower electricity tariffs and lower marketing commission, the release said.

Net property income for the first quarter for financial year 2015/16 was S$60.2 million, 6.2 per cent higher compared to a year ago.

Total return for June quarter was S$46.7 million, 8.3 per cent higher than the corresponding quarter last year.

Mapletree Industrial Trust's property portfolio, valued at S$3.4 billion as at March 31, 2015, comprises 84 industrial properties located across Singapore.

Mapletree Industrial Trust closed flat at $1.56.