MAPLETREE Industrial Trust charted a 1.2 per cent increase in distribution per unit (DPU) to S$0.0343 in its first quarter ended Jun 30, 2024, from S$0.0339 in the year-ago period.
Gross revenue grew 2.7 per cent on-year to S$175.3 million, from S$170.6 million previously, said its manager.
Net property income (NPI) was up 1.3 per cent at S$132.5 million, from S$130.8 million in the first quarter of the preceding financial year.
The manager attributed these improvements mainly to revenue contributions from the data centre in Osaka, Japan that was acquired on Sep 28, 2023, as well as new leases and renewals across various property clusters.
The distributable income in the three months, at S$97.3 million, was 3.7 per cent higher than S$93.7 million in the year-ago period. This was mainly driven by higher NPI, and higher distribution declared by joint venture, Mapletree Rosewood Data Centre Trust.
Ler Lily, chief executive officer of the manager, noted that despite Mapletree Industrial Trust’s “positive start”, it remains cautious of pressures from higher property operating expenses and borrowing costs amid the macroeconomic uncertainty.
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“We will continue to execute our growth strategy through accretive investments and selective divestments of non-core assets,” she said.
The resumption of the distribution reinvestment plan (DRP) in Q1 – where units will be issued in lieu of cash distributions – will help to maintain a healthy debt headroom for growth opportunities, she added.
The distribution, in either cash or DRP units, will be paid out on Sep 12, after books closure on Aug 2.
Before the announcement, the counter closed on Thursday at S$2.26, down S$0.01 or 0.4 per cent.
