Higher rents beef up MIT's Q4 DPU

Singapore

HIGHER rental rates as well as revenue contributions from the first phase of a build-to-suit project for Hewlett-Packard Singapore helped to bolster Mapletree Industrial Trust's (MIT) results for its fourth quarter ended March 31, 2017.

MIT reported a distribution per unit (DPU) of 2.88 Singapore cents for the quarter under review, up from 2.81 cents from a year ago, or a 2.5 per cent increase.

Gross revenue edged up 4.5 per cent year on year at S$87.81 million, due mainly to higher rental rates achieved in flatted factories, hi-tech buildings and stack-up/ramp-up buildings, as well as revenue contribution from phase one of the HP project. Net property income rose 6.4 per cent to S$65.97 million, in line with higher gross revenue and slightly lower property opera…