Mapletree Industrial Trust achieves 12% rise in quarterly distributable income

Mapletree Industrial Trust (MIT) has achieved a 12 per cent rise in distributable income to $42.2 million for the third quarter.

The distribution per unit (DPU) for the three months to Dec 31 of 2.51 cents was 8.2 per cent higher than the corresponding period last year.

Gross revenue rose by 9.3 per cent to $75.6 million.

Chief executive Tham Kuo Wei of the reit manager said: "MIT continued to deliver growth in distributable income, driven by higher rental revenue across all property segments and improved occupancy at the flatted factories.

Average portfolio passing rent increased to $1.73 per square foot (psf) per month from S$1.70 in the preceding quarter.

However, average portfolio occupancy fell to 92.5 per cent from 93.9 per cent.

The drop was due mainly to the increase in leasable area contributed by the completion of K&S corporate headquarters.

Going forward, there is limited renewal risk, with only 5 per cent of leases - based on gross rental revenue - expiring in the current financial year.

Positive rental revisions of between 9.7 per cent and 27.2 per cent were achieved across all property segments.

No single tenant and trade sector accounted for more than 3.4 per cent and 15.3 per cent of the portfolio's monthly rental revenue respectively, underscoring the large and well-diversified tenant base that will continue to underpin MIT's stable operational performance, the reit manager noted.

Unitholders can expect to receive their quarterly DPU by March 6.

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