Higher occupancies and rents lifted turnover and earnings at Mapletree Industrial Trust (MIT) and delivered a higher distribution per unit (DPU).
DPU came in at 2.81 cents for the fourth quarter, up 6 per cent from the corresponding period a year earlier, the trust manager said yesterday. Net property income rose 7.4 per cent to $62 million for the three months to March 31, while gross revenue climbed 5.8 per cent to nearly $84 million. The trust manager said MIT had continued to deliver healthy returns despite challenging market conditions.
"This was largely driven by the contribution from the completed (build-to-suit) data centre at 26A Ayer Rajah Crescent and resilient portfolio performance," said Mr Tham Kuo Wei, the chief executive of the trust manager.
Ongoing redevelopment at the Telok Blangah cluster and start of refurbishment works at the Kallang Basin 4 cluster underscore the firm's "commitment in growing the high-tech buildings segment, which will enhance MIT's growth profile", he added.
AT A GLANCE
GROSS REVENUE: $84 million (+5.8%)
NET PROPERTY INCOME: $62 million (+7.4%)
DISTRIBUTION PER UNIT: 2.81 cents (+6%)
Its property portfolio, valued at $3.56 billion as at March 31, comprises 85 industrial properties here. MIT's average portfolio occupancy during the quarter fell marginally to 94.6 per cent, from 94.7 per cent in the previous quarter, while average portfolio passing rent rose to $1.90 psf per month, up from $1.89 psf per month. Net asset value per unit was $1.37 as at March 31, up from $1.32 at end-March last year.
The trust manager expects the business environment to remain challenging in view of the muted global outlook and large supply of industrial space in Singapore.