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Mapletree Industrial Trust posts 2.4% rise in Q4 DPU

INDUSTRIAL landlord Mapletree Industrial Trust (MIT) reported a 2.4 per cent year-on-year rise in distribution per unit (DPU) to 2.95 Singapore cents for the fourth quarter ended March 31, 2018.

This was underpinned by contribution from build-to-suit project for HP Singapore and a 40 per cent interest in portfolio of 14 data centres in the US.

Gross revenue and net property income both rose 2.9 per cent from a year ago to S$90.39 million and S$67.88 million, on the back of revenue contribution from the build-to-suit project for HP Singapore, which was partially offset by lower portfolio occupancies across all the property segments except for light industrial buildings.

MIT's property portfolio comprises 85 industrial properties in Singapore and and a 40 per cent stake in a portfolio of 14 data centres in the US through a joint venture with its sponsor Mapletree Investments.

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Its total assets under management grew from S$3.75 billion as at March 31, 2017 to S$4.32 billion as at March 31, 2018.

MIT had in December has completed its US$753.8 million joint acquisition of 14 data centres in the US with its sponsor.

"We continued to execute our strategy to grow the Hi-Tech Buildings segment in fiscal 2017/2018," said Tham Kuo Wei, CEO of Mapletree Industrial Trust Management.

"Our first overseas acquisition of 14 data centres in the United States and the progressive completion of development projects in Singapore will enhance the portfolio resilience and support our growth momentum."

For the full fiscal year ended March 31, MIT's DPU rose 3.2 per cent to 11.75 Singapore cents. Gross revenue grew 6.7 per cent to S$363.23 million while net property income improved by 8.1 per cent to S$277.6 million.

The Reit manager said that average portfolio occupancy stood at 90 per cent during the fiscal fourth quarter, down from 90.5 per cent in the preceding quarter.

The drag came from its Singapore portfolio, where occupancy rate fell to 89.6 per cent in the fiscal fourth quarter from 90.1 per cent in the preceding quarter, due to an increase in leasable area upon completion of asset enhancement initiatives at 30A Kallang Place.

Its US portfolio occupancy rate remained stable at 97.4 per cent.