SINGAPORE - Mapletree Industrial Trust (MIT) on April 25 posted a distribution per unit (DPU) of 3.36 cents for the fourth quarter ended March 31, up 0.9 per cent from 3.33 cents in the corresponding year-ago period.

Unit holders can expect to receive the distributable payout on June 10, after book closure on May 6.

MIT’s distributable income for the quarter rose 4.4 per cent to $95.2 million from $91.2 million, due to higher net property income and higher distribution declared by its joint venture, Mapletree Rosewood Data Centre Trust.

Revenue for the three months was $178.7 million, up 4.4 per cent on the year from $171.1 million in the fourth quarter of the 2023 financial year.

Net property income also climbed in tandem, rising 2.2 per cent year on year to $131.8 million, from $128.9 million.

The real estate investment trust’s (Reit) manager said this was due to contribution from the acquisition of a data centre in Osaka that was completed last September, and new leases at the redeveloped property at Mapletree Hi-Tech Park @ Kallang Way, partially offset by loss of income from non-renewed leases.

On a full-year basis, MIT’s DPU fell 1 per cent to 13.43 cents from 13.57 cents in FY2023.

This is despite distributable income increasing 2.7 per cent to $378.3 million from $368.2 million, as the number of units in issue had risen 3.5 per cent to 2.8 million from 2.7 million.

Revenue for the year inched up 1.8 per cent to $697.3 million, from $684.9 million. Full-year net property income ticked up 0.6 per cent to $521 million from $518 million the year before.

Mr Tham Kuo Wei, chief executive officer of the Reit manager, said FY2024 was “a challenging year” due to macroeconomic uncertainties and headwinds from higher operating expenses and borrowing costs.

“MIT remained resilient, strengthened its portfolio with its maiden data centre acquisition in Japan, and unlocked value through the divestment of its Tanglin Halt cluster,” he said.

Units of MIT fell 0.4 per cent or one cent to $2.27 on April 25, before the results release. THE BUSINESS TIMES