A CGI depiction of Mapletree Sunview 1 (Photo: Mapletree Industrial Trust)

Mapletree Industrial Trust’s (MIT’s) DPU for its 3QFY19/20 increased by 2.9% year-on-year to 3.16 cents despite an enlarged unit base.

The REIT’s gross revenue and net property income for the quarter were SGD102.6 million and SGD81.9 million respectively.

This represents year-on-year increases of 9.7% and 14.0% over the same period last year.

The stronger performance was mainly driven by new revenue contributions from 18 Tai Seng and 7 Tai Seng Drive, as well as higher revenue contribution from 30A Kallang Place.

Distributable income for 3QFY19/20 grew 19.2% year-on-year to SGD69.4 million.

Average Overall Portfolio occupancy for the period was higher at 90.9%, compared to 90.5% in the preceding quarter.

The REIT’s weighted average lease to expiry (WALE) also increased quarter-on- quarter from 3.6 years to 3.9 years as at 31 December 2019.

MIT’s aggregate leverage increased quarter-on-quarter from 29.2% to 34.1% as at 31 December 2019.

MIT was last done on the Singapore Exchange at SGD2.78.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.