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Mapletree Industrial Trust posts Q3 DPU of 3.16 S cents

NEW revenue contributions lifted Mapletree Industrial Trust's (MIT) distribution per unit (DPU) for the third quarter to 3.16 Singapore cents on an enlarged unit base, up from 3.07 cents a year ago.

Distributable income for the three months ended Dec 31, 2019 rose 19.2 per cent to S$69.4 million.

Gross revenue climbed 9.7 per cent to S$102.6 million largely due to new revenue contributions from 18 Tai Seng and 7 Tai Seng Drive, and higher revenue from 30A Kallang Place.

Property operating expenses narrowed 4.6 per cent to S$20.7 million as a result of lower property maintenance expenses, utilities and marketing commission. This was partly offset by additional property taxes for 18 Tai Seng.

Hence, net property income increased 14 per cent to S$81.9 million.

Interest income was S$2.1 million compared with S$63,000 the year before mainly due to the interest earned on loan to Mapletree Rosewood Data Centre Trust (MRODCT).

Distributions declared by joint ventures increased 59.6 per cent to S$6.7 million due to distribution from MRODCT for the Turnkey Portfolio, which was completed in November 2019.

Net asset value per unit was S$1.58 as at Dec 31, 2019, up from S$1.51 as at March 31, 2019.

Average overall portfolio occupancy for Q3 was higher at 90.9 per cent, compared with 90.5 per cent a year ago. This was mainly due to the improvement of the Singapore portfolio occupancy to 90.5 per cent from 90.2 per cent in Q2, as higher occupancies were registered for the Hi-Tech Buildings and Business Park Buildings segments.

The weighted average lease to expiry for the overall portfolio was 3.9 years as at Dec 31, 2019.

Tham Kuo Wei, chief executive officer of the manager, said: "Our proactive portfolio rebalancing efforts through acquisitions and developments have underpinned the steady growth in distributable income and DPU in Q3 FY19/20.

"The completion of the acquisition of 13 data centres in North America will position MIT to capture opportunities in the fast-growing data centre sector. We will continue to actively pursue investment opportunities to enhance the quality of the portfolio."

Books close on Jan 30, 2020. Unitholders can expect to receive the DPU of 3.36 Singapore cents for the period from Sept 26 to Dec 31, 2019 on Feb 26, 2020.

The balance DPU of 0.20 Singapore cent from Sept 26 to Sept 30, 2019 will be payable together with the Q3 FY19/20 DPU of 3.16 Singapore cents from Oct 1 to Dec 31, 2019.

MIT units closed at S$2.78 on Tuesday, down one cent or 0.36 per cent.