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

Mapletree Industrial Trust's (MIT's) distributable income for its 2Q FY20/21 rose by 14.8% year-on-year to SGD72.9 million (USD53 million).

The REIT’s distribution per unit (DPU) for the quarter decreased by 1.0% year-on-year to 3.10 cents on an enlarged unit base.

MIT’s gross revenue and net property income for 2Q FY20/21 were SGD103.4 million and SGD81.6 million, representing year-on-year increases of 1.5% and 2.0% respectively.

The improvement was mainly driven by new revenue contributions from the 14 data centres in the United States.

But this was partly offset by the rental reliefs extended to tenants and the loss of revenue due to the redevelopment of the Kolam Ayer 2 Cluster, said the REIT.

Average overall portfolio occupancy for 2Q FY20/21 increased to 92.3% from 91.1% in the preceding quarter.

Data centres and stack-up/ramp-up buildings registered lower average occupancy rates while the average occupancy rates of other property segments increased or remained flat compared to the preceding quarter.

The average rental rate of the REIT’s Singapore portfolio decreased to SGD2.03 per square foot per month (psf/mth) in 2Q FY20/21 from SGD2.08 psf/mth in the preceding quarter.

All property segments except data centres in Singapore recorded lower average rental rates mainly due to the rental rebates extended to tenants.

Aggregate leverage ratio was 38.1%, compared to 38.8% as at 30 June 2020.

MIT was last done on the Singapore Exchange at SGD3.10, which implies a distribution yield of about 4% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

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