The manager of Mapletree Industrial Trust said MIT delivered a distributable income of $36.9 million for the first quarter to 30 June 2012 (1QFY12/13), a 27.1% increase from a year ago.
The DPU for 1QFY12/13 is 2.26 cents, 14.1% higher than the 1.98 cents for 1QFY11/12.
Tham Kuo Wei, CEO of MIT’s manager, said, “Despite the uncertain economic conditions, MIT continued to deliver a strong set of results. Net Property Income increased by 26.4% from S$38.2 million in 1QFY11/12 to S$48.3 million in 1QFY12/13, which was driven largely by revenue contributions and cost synergies from the Flatted Factories portfolio acquired on 26 August 2011. The strong performance was also boosted by positive rental revisions across all property segments.”
MIT’s manager said its portfolio continued to enjoy stable occupancies across key property segments. Average passing rent increased to $1.56 per square foot per month (psf/mth) from $1.55 psf/mth in the previous quarter.
Average portfolio occupancy remained stable at 94.9%.
The manager said it proactively engages the tenants with leases due for renewal through advance negotiations. Consequently, leases that remain due for renewal in FY2012/2013 represent just 13% of MIT’s revenue.
Following the positive take-up rate of the longer lease packages, the weighted average lease duration to expiry of the portfolio increased to 2.6 years from 2.5 years in the previous quarter.
As at 30 June 2012, no single tenant and trade sector accounted for more than 3.7% and 15.0% of the portfolio’s monthly rental revenue respectively.
Reports from Colliers showed that rents for business park space remained flat while rents for
generic industrial space continued to rise at a marginal pace. With a diversified and robust portfolio supported by a healthy balance sheet, the manager is cautiously optimistic that MIT will continue to perform well for the rest of the financial year.
No comments:
Post a Comment