Mapletree Industrial Trust (MIT) recorded a distribution per unit (DPU) of 2.22 Singapore cents for the fourth quarter of its fiscal year.
This is 2.8 per cent higher than the third quarter and 15 per cent higher than the corresponding period of the previous year.
For its full fiscal year, the real-estate investment trust (REIT) recorded a DPU of 8.41 cents, beating its own forecast by 12.7 per cent.
“This was driven by healthy rental revenue growth and stable occupancies across key property segments as well as the contributions from flatted factories portfolio acquired on August 26, 2011,” said Mr Tham Kuo Wei, Chief Executive Officer of MIT.
In a filing with the Singapore Exchange, the trust said its average passing rent increased to S$1.55 per square foot per month from S$1.53 per square foot per month in the previous quarter.
Its average portfolio occupancy remained at 94.9 per cent.
Barring any shocks to the economy, the REIT manager expects rents for generic industrial space to remain flat in the near term. Due to the weak office sector, rents for business parks space are also expected to weaken before stabilising.
With a healthy balance sheet and high tenant retention rate, it is cautiously optimistic that MIT will continue to perform well in the new financial year.
Source : Channel NewsAsia – 24 Apr 2012