Mapletree Industrial Trust reports 8.9% rise in distributable income for 2015

SINGAPORE - Mapletree Industrial Trust's (MIT's) distributable income rose by 8.9 per cent to $180.8 million.

Distribution per unit (DPU) for the year ended March 31 was up 5.1 per cent at 10.43 cents.

Distributable income and DPU for the fourth quarter amounted to $46.7 million and 2.65 cents, respectively.

Mr Tham Kuo Wei, chief executive officer of the trust manager, said that MIT achieved "steady growth in distributable income and DPU, underpinned by higher rental rates secured for new leases and renewal leases, as well as revenue contribution from the recently completed BTS project for Equinix and the acquisition of 2A Changi North Street 2".

Average portfolio passing rent increased to $1.84 per square foot per month from S$1.83 psf in the preceding quarter, due to positive rental revisions for renewal leases.

Average portfolio occupancy eased marginally quarter-on-quarter from 90.8 per cent to 90.2 per cent in the fourth quarter, which was partly due to the progressive relocation of tenants from the Telok Blangah Cluster, which will be redeveloped as a purposeful built project for Hewlett-Packard Singapore.

MIT's 84 investment properties were valued at $3.42 billion as at March 31, which represented an increase of 8 per cent over the previous valuation a year earlier.

The increase was due to a portfolio revaluation gain of $197.4 million and capitalised cost of $57.2 million from developments and acquisition.

The revaluation gain was driven by commencement of the redevelopment of the Telok Blangah Cluster and improved portfolio performance.

Correspondingly, net asset value per unit increased from $1.20 to $1.32.

Unitholders can expect to receive their quarterly DPU on June 4.