Mapletree Industrial Trust reports 2.7% rise in 1Q DPU despite falling occupancies

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Mapletree Industrial Trust (MIT) has reported distribution per unit (DPU) of 3.00 Singapore cents for its 1QFY18/19, a 2.7% year-on-year increase from the 2.92 cents achieved in the corresponding period of the previous financial year.

The REIT’s gross revenue and net property income for the period grew by 3% and 1.9% year-on-year to SGD91.5 million (USD67 million) and SGD69.5 million respectively.

Meanwhile, distributable income for the period rose 7.6% year-on-year to SGD56.9 million.

MIT has attributed the improvements income contribution from Phase Two of the BTS project for HP Singapore, the 40% interest in the portfolio of 14 data centres in the US, and compensation from early termination of leases.

However, this was partially offset by lower occupancies across most property segments.

The REIT’s portfolio occupancy fell to 88.3% in 1QFY18/19 from 90.0% in the preceding quarter.

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