Mapletree Industrial Trust's Q2 distribution per unit rises 7.3%

Mapletree Industrial Trust (MIT) reported a 7.3 per cent increase in distribution per unit (DPU) to 2.79 cents for the second quarter.
Mapletree Industrial Trust (MIT) reported a 7.3 per cent increase in distribution per unit (DPU) to 2.79 cents for the second quarter.PHOTO: BLOOMBERG

SINGAPORE - Mapletree Industrial Trust (MIT) reported a 7.3 per cent increase in distribution per unit (DPU) to 2.79 cents for the second quarter.

Its distributable income for the three months ended Sept 30 climbed 7.7 per cent to $48.9 million.

Gross revenue rose by 6.2 per cent to $82.7 million due mainly to the contribution from the build-to-suit project for Equinix Singapore as well as higher occupancies and higher rental rates.

Net property income grew 8.6 per cent to $61 million thanks to higher gross revenue as property operating expenses remained at $21.7 million for the two quarters.

"We are embarking on our next asset enhancement initiative to optimise the use of available gross floor area at the Kallang Basin 4 Cluster," said Mr Tham Kuo Wei, chief executive of the Reit manager.

"This asset enhancement initiative will help build our momentum in growing the hi-tech buildings segment," he added.

MIT units closed 2 cents lower at $1.50 on Tuesday.