Mapletree Industrial Trust reports gain, will pay out 2.32 cents per unit for Q3

INDUSTRIAL landlord Mapletree Industrial Trust (MIT) has eked out a 7.4 per cent gain in distribution per unit to 2.32 cents for the third quarter.

The distributable income for the three months ended Dec 31 rose by 6.9 per cent to $37.7 million, driven by healthy rental revenue and improved occupancies in flatted factories and stack up buildings.

Net property income climbed by 7.7 per cent to $49.1 million on the back of a 5.4 per cent gain in gross revenue to $69.2 million.

MIT will be introducing a re-investment plan that will enable unitholders to acquire new units without incurring additional transaction costs.

The issue of units in lieu of cash distributions under the plan will strengthen the Reit's balance sheet, help finance the progressive funding needs of the asset enhancement initiatives and development projects as well as accord MIT greater financial flexibility to pursue growth opportunities.