Mapletree Industrial Trust's Q3 DPU up from 3.07 to 3.16 cents

Singapore

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 units base, up from 3.07 cents a year earlier.

Distributable income for the three months ended Dec 31 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.

Net property income increased 14 per cent to S$81.9 million.

Interest income climbed to S$2.1 million from S$63,000 the year before, mainly due to interest earned from 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 firmed to S$1.58 from S$1.51 as at March 31.

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.

Tham Kuo Wei, CEO 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 closure is on Jan 30. Unit-holders can expect to receive the DPU of 3.36 Singapore cents for the period from Sept 26 to Dec 31 on Feb 26.

The balance DPU of 0.2 cent from Sept 26 to Sept 30 will be payable together with the Q3 FY19/20 DPU of 3.16 Singapore cents from Oct 1 to Dec 31.

The counter closed at S$2.78 on Tuesday, down one cent, or 0.36 per cent, before the results were announced.