Mapletree Industrial Trust reports 3QFY2024 DPU of 3.36 cents, 0.9% lower y-o-y

Bryan Wu01-25

The REIT’s distributable income for the 3QFY2023/2024 increased by 3.1% y-o-y to $95.2 million.Mapletree Industrial Trust (MINT) ME8U has reported a distribution per unit (DPU) of 3.36 cents for the ...

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Unitholders will receive their DPUs on March 7.\nCompared to the DPU of 3.32 cents for the 3QFY2023/2024, this was a 1.2% increase.\nThe REIT’s distributable income for the 3QFY2023/2024 increased by 3.1% y-o-y to $95.2 million, partially offset by an enlarged unit base.\nThe distributable income includes the distribution of compensation received for the compulsory acquisition of part of the land at 2 and 4 Loyang Lane of $2.1 million. The sum was withheld in the 3QFY2021/2022 over two quarters from 2QFY2023/2024 to 3QFY2023/2024. The distributable income also includes the distribution of net divestment gains of $4.2 million from 65 Tech Park Crescent, which was divested on July 20, 2017, over two quarters from 2QFY2023/2024 to 3QFY2023/2024.\nGross revenue for 3QFY2023/2024 grew 2.0% y-o-y to $173.9 million while net property income (NPI) increased by 0.8% y-o-y to $129.9 million. The larger figures were attributed to revenue contributions from the REIT’s data centre in Osaka, Japan acquired on 28 September 2023 and new leases from the redevelopment project, Mapletree Hi-Tech Park @ Kallang Way. \nAs at Dec 31, 2023, the REIT’s overall portfolio occupancy stood at 92.6%, 0.6 percentage points lower q-o-q. Portfolio weighted average lease expiry (WALE) stood at 4.4 years by gross rental income (GRI).\nThe REIT’s aggregate leverage ratio stood at 38.6% as at end-December while its interest coverage ratio stood at 4.7x.\nCash and cash equivalents stood at $223.6 million as at Dec 31, 2023.\nTham Kuo Wei, CEO of the manager, said that the REIT’s resilient performance is underpinned by its steadfast portfolio rebalancing efforts such as the acquisition of the Osaka Data Centre and the redevelopment project at Kallang Way.\n“We will continue to build on our strengths through accretive investments and selective divestments of non-core assets while focusing on prudent capital management and proactive tenant retention,” he adds.\nUnits in MINT closed 3 cents lower or 1.22% down at $2.44 on Jan 25.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2406272831"}