250 Williams Street NW, Atlanta (Google Maps)

Data from Mapletree Industrial Trust’s latest disclosure has been incorporated into the Singapore REITs table.

Mapletree Industrial Trust (MIT) has reported a distribution per unit (DPU) of 3.47 cents for its 2Q FY21/22.

This represents an increase of 11.9% year-on-year.

The REIT’s gross revenue and net property income for the period grew by 50.5% and 47.4% year-on- year to SGD155.6 million and SGD120.3 million respectively.

MIT has attributed the results mainly to the consolidation of revenue and expenses from the 14 data centres in the US, as well as contributions from recently acquired assets in the country.

Correspondingly, the amount available for distribution to unitholders for 2QFY21/22 increased by 21.3% year-on-year to SGD88.4 million.

MIT’s average overall portfolio occupancy for 2QFY21/22 decreased to 93.7% from 94.3% in the preceding quarter.

The REIT has attributed this to the reduction in the average occupancy for its North American portfolio.

As at 30 September 2021, its portfolio weighted average lease to expiry (WALE) increased to 4.3 years from 3.7 years as at 30 June 2021.

MIT’s aggregate leverage ratio increased quarter-on-quarter from 31.0% to 39.6% as at 30 September 2021.

This was due to the additional loans drawn to fund the recent acquisitions in the US, said the REIT.

MIT was last done on the SGX at SGD2.73, which presently implies a distribution yield of 5.08% according to data on the Singapore REITs table.

By Shariffa Al-Habshee

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