Mapletree Industrial Trust Q3 DPU up 6.4% to 3.49 Singapore cents
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MAPLETREE Industrial Trust's (MIT) third-quarter distribution per unit (DPU) rose from 3.28 Singapore cents a year ago to 3.49 cents on an enlarged unit base, which resulted from the equity fundraising exercise in Q1.
Income distributable to unitholders grew 10.4 per cent to S$89.5 million for the 3 months to Dec 31, following a boost in revenue from assets in the US.
Net property income climbed 24.1 per cent to S$122.7 million as gross revenue rose 31.3 per cent to S$162.4 million. The increase was largely due to revenue contribution from 29 data centres in the US acquired for US$1.32 billion in July 2021, and a data centre in Richmond, Virginia acquired in Q4 FY2021.
MIT is resuming its distribution reinvestment plan for the Q3 distribution. Books close on Feb 4 and unitholders can expect distributions on Mar 15.
"While the global economic recovery remains uneven, we will continue to strengthen the portfolio through strategic acquisitions and developments. The resumption of the distribution reinvestment plan will help to finance the redevelopment of the Kolam Ayer 2 Cluster and provide us greater financial flexibility to seize investment opportunities," said Tham Kuo Wei, chief executive of the manager.
During the quarter, average overall portfolio occupancy decreased marginally to 93.6 per cent from 93.7 per cent in the preceding quarter.
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The 29 data centres in the US had a lower average occupancy rate of 87.4 per cent. Average occupancy rate for the North American portfolio declined to 93.3 per cent from 93.9 per cent in the preceding quarter.
In Singapore, average occupancy improved to 93.7 per cent from 93.6 per cent in the preceding quarter as higher occupancies were registered for business park buildings and stack-up/ramp-up buildings.
On Dec 23, the manager announced the proposed divestment of an industrial building at 19 Changi South Street 1 to Esco Micro for S$13 million in cash. The transaction is expected to be completed by the first half of 2022.
MIT's units closed at S$2.59 on Tuesday (Jan 25), down S$0.03 or 1.15 per cent, before the results were released.
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