Mapletree Industrial Trust Q3 distribution per unit up 5.6 per cent

SINGAPORE - Distributable income at Mapletree Industrial Trust rose 9.5 per cent year on year to S$50.31 million for the third quarter.

This was driven by stable operational performance and contribution from the completed build-to-suit data centre at 26A Ayer Rajah Crescent, the trust's manager said on Tuesday (Jan 26).

Distribution per unit rose 5.6 per cent to 2.82 cents.

Gross revenue was up 6.6 per cent to S$83.25 million while net property income rose 6.7 per cent to S$61.88 million.

Average portfolio occupancy rose from 93.8 per cent in the second quarter to 94.7 per cent in the third quarter, while average portfolio passing rent rose from S$1.88 per sq ft per month to S$1.89 per sq ft per month.

"The increase was driven by positive rental revisions for renewal leases and higher rental rates secured for new leases at the flatted factories and business park buildings during the quarter," the manager said.

Mr Tham Kuo Wei, chief executive officer of the trust's manager, said: "Looking ahead, the weakening global economic outlook, rising interest rate and large supply of industrial space in Singapore would exert downward pressure on rental revenue.

"We remain focused on retaining tenants and mitigating the effects of upward cost adjustments, while continuing to be prudent in capital management."

The trust's units closed down 1.5 cents to S$1.495 on Tuesday.

wrennie@sph.com.sg