Mapletree Industrial Trust achieves 9% rise in distributable income for Q1

Mapletree Industrial Trust has achieved a 9 per cent increase in distributable income to $40.2 million in the first quarter.

Distribution per unit (DPU) for the three months to June 30 was 7.5 per cent higher at 2.43 cents,

Unitholders can expect their quarterly DPU by Sept 4.

The improved performance was due to higher rental rates secured across all property segments and higher occupancies in the flatted factories, business park buildings and hi-tech buildings.

Gross revenue rose by 12.3 per cent to $75.1 million while net property income was up 8.5 per cent at $52.5 million.

Average portfolio passing rent increased to $1.71 per square foot per month during the quarter, up from S$1.68 in the previous quarter.

Average portfolio occupancy improved marginally from 95.4 per cent to 95.5 per cent, with a tenant retention rate at 84.1 per cent.

Asset enhancement initiatives at Woodlands Central, to create additional 70,000 sq ft of space and reposition the cluster as a hi-tech building, received its temporary occupancy permit on July 15.

About 63 per cent of the extension block had been committed by existing tenants in the biomedical and medical technology sector who are seeking expansion space.

Meanwhile, a build-to-suit project for Kulicke & Soffa as well as another asset enhancement work at Toa Payoh North are on track for completion in the fourth quarter of this year.