Higher rents across all its property segments boosted second- quarter earnings at Mapletree Industrial Trust, it announced on Tuesday.
Distributable income rose 9.7 per cent to $41.1 million for the quarter compared with the same period a year earlier.
It declared a distribution per unit of 2.47 cents for the three months to Sept 30, which was 7.9 per cent higher than in the corresponding period last year.
The trust cited higher rental rates across its property segments and increased occupancy in flatted factories and ramp-up buildings.
Net property income climbed 11.6 per cent to $54 million and gross revenue grew 7.6 per cent to $73.4 million for the second quarter year-on-year.
Mapletree said the average monthly rent of its properties was $1.70 per sq ft (psf) in the second quarter, up on the $1.59 psf per month average in the same period a year ago.
However, it was marginally lower than the $1.71 psf per month average rent in the three months to June 30.
The average occupancy rate fell to 93.9 per cent in the second quarter, down from 95.5 per cent in the first.
The trust said this was due to the exit of a major tenant at one of its business park buildings.
Mr Tham Kuo Wei, the trust manager's chief executive, said in a statement that the trust had, during the second quarter, refinanced all its debt that was due to be repaid by the end of this financial year.
Armed with a "strong balance sheet and improved financial flexibility", he said, the trust would continue to "pursue development and acquisition opportunities to grow the portfolio".
Mapletree Industrial Trust said it expects industrial rents to remain stable in the near term barring any major shocks to the Singapore economy.
However, the large supply pipeline of industrial space may exert downward pressure on rents in the mid-term, it said.
The trust said its renovation of a cluster of industrial buildings in Toa Payoh North was on track for completion by the end of this year and would likely boost rental income.
Earnings per unit stood at 2.46 cents for the quarter, up from 2.20 cents the preceding year.
Net asset value per unit was $1.11 as at Sept 30. This was a marginal increase from $1.10 as at March 31.
Unitholders will receive their quarterly distribution per unit for the three months to Sept 30 in cash by Dec 3.
Mapletree Industrial Trust units closed one cent down at $1.365 on Tuesday.
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