Mapletree Industrial Trust (MINT) has reported a distribution per unit (DPU) of 3.37 cents for 2QFY2025 ended September, up 1.5% y-o-y.
For the same period, gross revenue and net property income (NPI) for 2QFY2024 rose by 4.2% and 4.6% y-o-y to $181.4 million and $134.5 million, respectively.
This came on the back of revenue contributions from the REIT’s data centre in Osaka, Japan, which was acquired on Sept 28, 2023 and new leases and renewals across various property clusters.
That said, NPI was partially offset by higher borrowing costs in relation to the Osaka data centre.
For 2QFY2024, the REIT’s portfolio occupancy increased to 92.9% from 91.9% in the previous quarter. The REIT’s North America portfolio recorded a higher occupancy rate of 90.9%, while the Singapore portfolio occupancy increased marginally to 93.7% in 2QFY2024 from 93.6% in 1QFY2025.
As at Sept 30, weighted average lease expiry stood at 4.4 years.
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For the same period, aggregate leverage stood at 39.1%, while adjusted interest coverage ratio (ICR) stood at 4.3 times as at Sept 30.
Moving forward, the manager expects increasing property operating expenses and borrowing costs to continue to exert pressure on distributions. That said, the manager adds that it will adopt cost-mitigating measures and focus on tenant retention to maintain a stable portfolio occupancy level.
Unitholders can expect to receive their quarterly DPU for the period from July 1 to Sept 30 in cash.
Units in MINT closed 4 cents lower, or down 1.67%, at $2.39 on Oct 29.
