Singapore listed Industrial REIT Mapletree Industrial Trust (MIT) (SGX:ME8U) has reported a distributable income of S$40.2 million for its first quarter of the financial year 2013/2014. This represents a year-on-year increase of 9.0 percent from S$36.9 million in the same period for FY2012/2013.

Mapletree Industrial Trust’s portfolio of 83 properties in Singapore is valued at approximately S$2.9 billion

Distribution per Unit (DPU) stands ar 2.43 Singapore cents, representing a growth of 7.5 percent as compared to the same period last year.

Mapletree Industrial Trust has attibuted the improved performance in 1QFY13/14 was due to higher rental rates secured across all property segments and higher occupancies in the flatted factories, business park buildings and hi-tech buildings categories.

However MIT has cautioned in a company statement that while global economy may be on course for a modest recovery in 2013, the external environment remains vulnerable to fresh setbacks. We will be covering this story, and others, in greater detail in the upcoming issue of REITSWEEK. Subscribe here.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.