Mapletree Industrial Trust declares 7.4% decrease in DPU for 1Q

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Data from Mapletree Industrial Trust’s latest results have been updated into the Singapore REITs table.

Mapletree Industrial Trust’s (MIT’s) distribution per unit (DPU) for its 1Q FY20/21 was 2.87 cents, 7.4% lower than the corresponding quarter of the previous financial year.

Gross revenue for the quarter decreased by 0.5% year-on-year to SGD99.1 million.

Higher revenue contributions from 7 Tai Seng Drive, The Strategy and 30A Kallang Place were offset by rental rebates extended to tenants as part of the COVID-19 assistance and relief programme, said the REIT.

Property operating expenses for 1QFY20/21 decreased by 5.6% year-on-year to SGD20.5 million due mainly to lower property maintenance and utilities expenses.

Accordingly, net property income improved marginally by 0.9% year-on-year to SGD78.7 million.

Average overall portfolio occupancy for 1QFY20/21 decreased to 91.1% from 91.5% in the preceding quarter.

All property segments, except data centres, recorded lower average occupancy rates compared to the previous quarter.

As at 30 June 2020, the REIT’s aggregate leverage ratio was 38.8%, slightly higher than 37.6% as at 31 March 2020.

MIT was last done on the SGX at SGD2.95, which implies a distribution yield of about 3.8% according to data on the Singapore REITs table.

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