SINGAPORE (Oct 23): The manager of Mapletree Industrial Trust (MIT) has announced a 4.0% rise in distribution per unit (DPU) to 3.13 cents for the 2Q19/20 ended September, compared to DPU of 3.01 cents a year ago.

Distributable income grew 12.1% to $63.5 million in 2Q19/20, from $56.7 million a year ago.

The increase is on the back of a 10.5% growth in revenue to $101.9 million during the quarter, largely attributed to new revenue contributions from 18 Tai Seng, 30A Kallang Place, and Mapletree Sunview 1.

Meanwhile, property operating expenses edged up by just 1.1% to $21.9 million during the quarter, mainly attributed to additional property taxes for 18 Tai Seng and higher marketing commission.

Consequently, net property income (NPI) was 13.3% higher at $80.0 million in 2Q19/20, compared to $70.6 million in 2Q18/19.

As at end-September, cash and cash equivalents stood at $224.7 million.

MIT Group’s property portfolio comprises 87 industrial properties in Singapore and 14 data centres in the US via a 40:60 joint venture with sponsor Mapletree Investments.

Average portfolio occupancy for 2Q19/20 was 90.5%, which was lower than 90.8% in the preceding quarter.

As at end-September, MIT’s total assets under management was $4.8 billion.

“Contributions from the acquisitions and development projects are expected to underpin MIT’s steady growth profile,” says Tham Kuo Wei, CEO of the manager.

“We have continued our shift towards higher-specification industrial space with the recent acquisition of 13 data centres in North America and the ongoing redevelopment of the Kolam Ayer 2 Cluster,” he adds. “These strategic initiatives will help in building a more resilient portfolio and delivering sustainable growth to unitholders.”

As at 3.12pm, units in Mapletree Industrial Trust are trading 1 cent lower at $2.52.