MIT – BT

MIT Q3 distributable income up 29%

Gross revenue also increased 25% year-on-year to $65.7 million

MAPLETREE Industrial Trust (MIT), which was listed in October 2010, saw its distributable income rise 29.3 per cent to $35.2 million for its third quarter ended Dec 31, 2011, as compared to the previous year’s proforma results of $27.2 million.

The distributable income was also 28.1 per cent ahead of the forecast $27.5 million.

This led to MIT offering a distribution per unit (DPU) of 2.16 cents for the period – 14.9 per cent higher than the forecast of 1.88 cents. This translates to an annualised yield of 8.15 per cent as of yesterday’s closing price of $1.06.

Gross revenue also grew 25.3 per cent year-on-year to $65.7 million during Q3, due mainly to improved occupancy rates and positive rental revisions for assets such as flatted factories, stack-up/ramp-up buildings, and warehouses.

Net property income (NPI) for the period also climbed 24.6 per cent to $45.6 million from its proforma result of $36.6 million a year back.

Year-to-date, distributable income also rose 24.4 per cent to $95.9 million year-on-year, while NPI climbed to $125.3 million, up 20.5 per cent over the same period.

Average portfolio occupancy also remained healthy, rising to 95.1 per cent from 94.5 per cent in the previous quarter.

MIT’s manager has two asset enhancement initiatives planned.

One will involve the development of a new high- tech industrial building and an amenity block in Toa Payoh North 1 Cluster, while the other would comprise an extension wing, a multi-storey car park, and a canteen in the Woodlands Central Cluster.

The two initiatives are expected to add about 200,000 square feet of gross floor area to MIT’s portfolio, said Tham Kuo Wei, chief executive officer of MIT’s manager.

Yesterday, the counter rose half a cent or 0.5 per cent to $1.06.