Oct 27, 2021
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Year on year, Mapletree Industrial Trust’s DPU grew by 11.9% to 3.47 cents, in the second quarter of the financial year 2021/2022.

Mapletree Industrial Trust’s (MIT) distribution per unit (DPU) increased 11.9% year-on-year to 3.47 cents in the second quarter of the financial year 2021/2022 ended 30 September 2021.

Gross revenue jumped 50.5% year-on-year to $155.6 million, while net property income (NPI) rose 47.4% year-on-year to $120.3 million.

MIT attributed the strong performance primarily to the consolidation of revenue and expenses from its 14 data centres within the US as well as to contributions from the US portfolio acquisition and 8011 Villa Park Drive in Richmond, Virginia.

With this, the amount available for distribution to unitholders increased 21.3% year-on-year to $88.4 million.

In Q2 FY2021/2022, average overall portfolio occupancy declined to 93.7% from 94.3% from the previous quarter, following a decline in average occupancy in its North American portfolio.

Its North American portfolio saw the average occupancy rate drop to 93.9% from 97.8% in the previous quarter, after the US portfolio acquisition, which had a lower average occupancy rate of 87.8%.

Meanwhile, the Singapore portfolio’s average occupancy rose to 93.6% from the previous quarter’s 93.4%, as flatted factories and light industrial buildings posted higher occupancies.

MIT’s overall portfolio registered a weighted average lease to expiry (WALE) of 4.3 years as of 30 September, up from 3.7 years as of 30 June.

This comes as the US acquisition portfolio had a long WALE of 7.6 years as of 30 September.

“Following the completion of the US Portfolio Acquisition, MIT’s assets under management has increased from $6.7 billion as at 30 June 2021 to $8.5 billion as at 30 September 2021, with data centres accounting for about 52.9%,” said Tham Kuo Wei, CEO of MIT’s manager.

“We remain focused on retaining and working with our tenants amid signs of a gradual but uneven global economic recovery.”

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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg

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