MIT plans to reintroduce distribution reinvestment plan for this current distribution
Mapletree Industrial Trust has reported a distribution per unit of 3.49 cents, up 6.4% y-o-y for its 3QFY2022 ended Dec 2021.
Net property income was up 24.1% y-o-y to $122.7 million; revenue was up 31.3% to $162.4 million, due to contributions from the recently acquired portfolio of 29 data centres in the US.
Average portfolio occupancy rate for 3QFY2022 was down marginally to 93.6% from 93.7% in the preceding quarter, as MIT aggregated the 29 US data centres which had a lower average occupancy rate.
MIT plans to resume the distribution reinvestment plan for 3QFY2022 distribution, which will let unitholders acquire new units without incurring additional transaction related costs.
“Our portfolio rebalancing efforts towards higher value segments have enabled us to deliver another quarter of robust results,” says Tham Kuo Wei, CEO of the REIT’s manager.
“While the global economic recovery remains uneven, we will continue to strengthen the portfolio through strategic acquisitions and developments,” he adds.
“The resumption of the distribution reinvestment plan will help to finance the redevelopment of the Kolam Ayer 2 Cluster and provide us greater financial flexibility to seize investment opportunities,” says Tham.
MIT closed Jan 25 at $2.59 down 1.15% for the day and down 4.43% year to date.