MIT – BT

MIT Q4 DPU up 15%; revenue jumps 24.3%

Reit manager expects MIT to continue doing well in the financial year ahead

MAPLETREE Industrial Trust (MIT) closes its financial year on a sweet note following a 26.4 per cent year-on-year jump in distributable income to $35.8 million during the fourth quarter ended March 31, 2012.

This led to the industrial real estate investment trust (Reit) offering a distribution per unit (DPU) of 2.22 cents for the period – 16.2 per cent higher than the forecast of 1.91 cents and 15 per cent more than the year before.

Gross revenue for the quarter was up 24.3 per cent at $66.3 million from $53.4 million the year before, driven by higher rental rates, stronger occupancy take-up and new contributions. Notably average passing rents rose to $1.55 per square foot (psf) per month from $1.53 psf per month in the quarter before. In addition, positive rental revisions were also achieved for properties such as flatted factories, stack-up/ramp-up buildings and warehouses.

Consequently, net property income was lifted by 23.4 per cent to $46 million over the same period.