Mapletree Industrial Trust posts Q4 DPU of 3.08 Singapore cents

MAPLETREE Industrial Trust's (MIT) distribution per unit (DPU) for the fourth quarter ended March 31 rose 4.4 per cent to 3.08 Singapore cents from 2.95 cents a year ago.

Q4's DPU included an advanced distribution of 1.71 cents per unit for the period Jan 1 to Feb 19, which was paid out on March 26. The DPU for the enlarged units in issue for the remaining period from Feb 20 to March 31 was 1.37 cents per unit. MIT carried out a private placement on Feb 11 to raise gross proceeds of S$201 million to partly finance the acquisition of 18 Tai Seng. This resulted in the issuance of new units.

Gross revenue for Q4 was 9.3 per cent higher year-on-year at S$98.82 million, due to new contributions from 18 Tai Seng, 30A Kallang Place and Mapletree Sunview 1. Net property income (NPI) was up 11.7 per cent to S$75.85 million, while amount available for distribution increased 8 per cent to S$59.93 million mainly due to higher NPI and distribution declared by its joint venture.

Average portfolio occupancy edged up to 90.2 per cent in 4Q FY18/19 from 88.2 per cent in the preceding quarter. The Singapore portfolio occupancy improved to 89.8 per cent from 87.7 per cent in 3Q FY18/19 on the back of higher occupancies in all property segments, except for business park buildings.

The US portfolio occupancy rate remained unchanged at 97.4 per cent.

For the full year, gross revenue increased 3.5 per cent year-on-year to S$376.1 million while NPI rose 3.7 per cent to S$287.77 million. Meanwhile, distributable income for FY18/19 was up 7.4 per cent to S$231.76 million on the back of higher NPI and full-year income contribution from MIT's 40 per cent interest in the portfolio of 14 data centres in the US. DPU of 12.16 cents for FY18/19 was 3.5 per cent higher than the DPU of 11.75 cents for FY17/18.

MIT units closed up three cents at S$2.08 on Monday before the results were announced.