Mapletree Industrial Trust’s (MIT’s) distribution per Unit (DPU) for its 1Q FY19/20 increased by 3.3% year-on-year to 3.10 cents.
The REIT’s net property income for the period rose 12.2% year-on-year to SGD77.9 million.
MIT has attributed the higher NPI to new revenue contributions from 18 Tai Seng, 30A Kallang Place, and Mapletree Sunview 1.
Accordingly, distributable income for 1Q FY19/20 grew 11.1% year-on-year to SGD63.2 million.
This is due to higher net property income, and income contribution from MIT’s 40% interest in the portfolio of 14 data centres in the United States.
MIT’s portfolio occupancy has improved to 90.8% in 1Q FY19/20, from 90.2% in 4Q FY18/19, due to improved tenancy at its high-tech building segments.
The REIT’s gearing has improved to 33.4%, from 33.8% in the previous quarter, with average cost of debt at 3.0%.
MIT was last done on the Singapore Exchange at SGD2.30, down 0.8% from its previous close.