Mapletree Industrial Trust posts 5.8 % rise in Q4 FY22 DPU to 3.49 cents

MAPLETREE Industrial Trust (MIT) on Tuesday (Apr 26) posted a distribution per unit (DPU) of 3.49 Singapore cents for its fourth quarter ended Mar 31, 2022, up 5.8 per cent from a DPU of 3.30 cents a year ago.

Gross revenue was up 35.5 per cent to S$164.1 million for Q4 2022, from S$121.1 million a year ago. This was largely due to the revenue contribution from the acquisition of 29 data centres in the US in July 2021, and full quarter revenue from the data centre at Richmond, Virginia, acquired in March 2021, MIT’s manager said in a bourse filing.

Net property income (NPI) grew 35.3 per cent on the year to S$124.2 million for the quarter, from S$91.8 million.

The amount available for distribution to unitholders for the fourth quarter was S$90.3 million, up 27.7 per cent from S$70.7 million in Q4 2021.

MIT will be applying its distribution reinvestment plan for the Q4 2022 distribution, which will allow unit holders the option to receive their distributions either in the form of units or cash, or a combination of both. Unitholders can expect distributions on Jun 15.

During the fourth quarter, average overall portfolio occupancy increased to 94 per cent from 93.6 per cent in the preceding quarter. This was due to the improved occupancy of MIT’s Singapore portfolio, which increased to 94.4 per cent from 93.7 per cent in the preceding quarter, as higher occupancies were registered for business park buildings and flatted factories. The average occupancy rate for MIT’s North American portfolio during the quarter remained unchanged at 93.3 per cent.

Meanwhile, for the full year ended Mar 31, 2022, DPU was 10 per cent higher at 13.8 Singapore cents, from 12.55 cents a year ago. Gross revenue was 36.4 per cent higher at S$610.1 million, while NPI was 34.5 per cent higher at S$472 million. The amount available for distribution to unitholders was 18.8 per cent higher at S$350.9 million.

Tham Kuo Wei, chief executive officer of the manager, noted that data centre acquisitions in North America had “contributed meaningfully” to DPU growth in FY 2022 and had helped to enhance income stability. He said: “As at Mar 31, 2022, data centres accounted for 54.1 per cent of MIT’s assets under management, representing an important and growing segment for MIT. We will continue to reshape our portfolio towards higher value segments through strategic acquisitions and developments while keeping a watchful eye on inflationary pressures.”

Units of MIT closed at S$2.63, down 1.1 per cent or S$0.03 on Tuesday before the results release.