Mapletree Industrial Trust (MINT) reported Tuesday its fiscal fourth quarter net property income rose 35.3 percent on-year to S$124.21 million on contributions from data center acquisitions in the U.S.
In July 2021, the REIT completed the acquisition of 29 data centers in the U.S. for around US$1.34 billion, and in March 2021, the acquisition of a data center in Richmond, Virginia, in the U.S. was completed.
Gross revenue for the January-to-March period increased 35.5 percent on-year to S$164.09 million, in part due to year-earlier rental reliefs granted to some tenants due to the impact of the Covid-19 pandemic, the REIT said in a filing to SGX.
The distribution per unit (DPU) for the quarter came in at 3.49 Singapore cents, up 5.8 percent from 3.30 Singapore cents in the year-ago period, the filing said. The fiscal fourth quarter DPU included the distribution of the divestment gain from the 26A Ayer Rajah Crescent property, the filing said.
The results beat forecasts from Daiwa, which had estimated net property income of S$107.5 million, revenue of S$137.9 million and DPU of 3.47 Singapore cents.
Tham Kuo Wei, CEO of the REIT’s manager, noted that data centers accounted for 54.1 percent of Mapletree Industrial Trust’s assets under management.
“We will continue to reshape our portfolio towards higher value segments through strategic acquisitions and developments while keeping a watchful eye on inflationary pressures,” Tham said in the statement.
In the fourth quarter, average overall portfolio occupancy rose to 94 percent from 93.6 percent in the previous quarter, as Singapore portfolio occupancy improved, the filing said.
For the full fiscal year ended 31 March, Mapletree Industrial Trust posted net property income of S$471.98 million, up 34.5 percent on-year, on gross revenue of S$610.06 million, up 36.4 percent on-year. The full fiscal year DPU came in at 13.80 Singapore cents, up 10 percent from 12.55 Singapore cents in the previous year, the filing said.
The full-year results got a boost after the REIT acquired the remaining 60 percent it didn’t already own of the joint venture with sponsor Mapletree Investments, called Mapletree Redwood Data Centre Trust, which held 14 U.S. data centers, the filing said, noting the deal was completed in September 2020.