Mapletree Industrial Trust's DPU up 5.9% in March 2014

Mapletree Industrial Trust (MIT) saw a 5.9 percent increase in its distribution per unit (DPU) to 2.51 cents in its fourth quarter, which ended on 31 March 2014, from 2.37 cents a year prior.

The trust's distributable income also climbed 9.5 percent to S$42.6 million, while its net property income inched up 7.5 percent to S$53.3 million.

Furthermore, it saw its gross revenue climb 4.2 percent to S$75.2 million as a result of higher occupancies in flatted factories, as well as higher rental rates obtained for leases in all the property segments except business parks.

JTC statistics showed that the average monthly rental rates for multi-user factory space across the island crept to S$2 psf during the first two months of Q1 2014. However, median monthly rents for business park space slid 5.8 percent to S$4.23 psf in Q1 from S$4.49 psf, reversing the upward trajectory seen since Q2 2013.

For the entire year, MIT's DPU climbed 7.4 percent to 9.92 cents from the previous year's 9.24 cents. Gross revenue rose 8.3 percent to S$299.3 million, while net property income grew 9.9 percent to S$214.7 million.

Looking ahead, the Trust expects its portfolio's rents to remain stable over the next 12 months, despite an anticipated increase in industrial land supply.

Notably, units of the Trust closed one cent lower yesterday at S$1.425.

Image source: www.mapletreeindustrialtrust.com

Christopher Chitty, Senior Content Producer at PropertyGuru edited this story. To contact him about this and other stories, email christopher@propertyguru.com.sg

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