Mapletree Industrial Trust reports fiscal 2Q net property income climbed 47 percent

Mapletree Industrial Trust property at 18 Tai Seng in SingaporeMapletree Industrial Trust property at 18 Tai Seng in Singapore

Mapletree Industrial Trust reported Tuesday its fiscal second quarter net property income jumped 47.4 percent on-year to S$120.32 million on contributions from portfolio acquisitions of data centers in North America.

Gross revenue for the July-to-September period grew 50.5 percent on-year to S$155.56 million, the trust said in a filing to SGX.

The distribution per unit (DPU) came in at 3.47 Singapore cents, up 11.9 percent from 3.10 Singapore cents in the year-ago period, the filing said. The number of units increased 13.2 percent on-year to 2.66 million, the trust said. The distribution will be paid on 3 December, the filing said.

“The strong performance was primarily driven by the consolidation of revenue and expenses from the 14 data centers in the United States as well as contributions from the U.S. Portfolio Acquisition and 8011 Villa Park Drive, Richmond, Virginia,” Mapletree Industrial Trust said in the statement.

Tham Kuo Wei, CEO of the trust’s manager, said the U.S. portfolio acquisition boosted assets under management to S$8.5 billion as of end-September from S$6.7 billion as of end-June, with data centers accounting for around 52.9 percent.

“The completion of the U.S. portfolio acquisition marks another milestone in our strategy to reshape and build a portfolio of assets for higher value uses,” Tham said in the statement. “We remain focused on retaining and working with our tenants amid signs of a gradual but uneven global economic recovery.”

The portfolio’s average occupancy fell to 93.7 percent for the fiscal second quarter from 94.3 percent in the fiscal first quarter, the filing said. For the North American portfolio, the average occupancy rate fell to 93.9 percent in the fiscal second quarter, down from 97.8 percent in the fiscal first quarter as the U.S. portfolio acquisition had a lower occupancy average rate of 87.8 percent, the trust said.

The Singapore portfolio’s average occupancy improved to 93.6 percent in the fiscal second quarter, from 93.4 percent in the fiscal first quarter on higher occupancies for the flatted factories and light industrial buildings, the trust said.

For the six months ended 30 September, Mapletree Industrial Trust reported net property income rose 40.4 percent on-year to S$225.04 million, gross revenue increased 40.1 percent on-year to S$283.62 million and the DPU came in at 6.82 Singapore cents, up 14.2 percent on-year from 5.97 Singapore cents.