Mapletree Industrial Trust continues posting double-digit positive rent reversions

Beating expectations of a quarterly dip.

"MINT continued to surprise on the upside with a strong 2QFY14 DPU of 2.47cts, a sequential 2% increase despite a major tenant exit during the quarter, on lower operating costs. The trend of strong double-digit positive rent reversions continued," noted Barclays.

"The sequential growth was a surprise as we had expected a dip due to the exit of a major tenant," added Barclays, referring to Credit Suisse's departure from The Signature.

"So while revenues dipped 2% q/q, NPI grew 3% on 15% lower operating expenses due to lower property maintenance and utilities costs," noted the research firm.

Also, the trend of positive rent reversions across all segments continued, said Barclays with +27% growth seen for flatted factories, +12% for business park buildings, +25% for Hi-Tech buildings, and +27% for stack-up/ramp-up buildings.