Mapletree Industrial Trust distributable income rose 7.4% to $231.8m in FY18/19

Its full-year income was boosted by its 40% interest in 14 US data centres.

Mapletree Industrial Trust (MIT) recorded a distributable income growth of 7.4% YoY to $231.8m from $215.8m in 2018 for FY18/19, attributed to higher net property income and full-year income contribution from MIT’s 40% interest in the portfolio of 14 data centres in the United States.

Net property income was at $287.8m, 3.7% YoY higher than $277.6m in the previous year. This was mainly due to contributions from development projects and acquisitions in Singapore including Phase Two of the build-to-suit project for HP Singapore, 18 Tai Seng and Mapletree Sunview 1.

DPU of 12.16 cents for FY18/19 was 3.5% YoY higher than the DPU of 11.75 cents for FY17/18. Gross revenue also grew 3.5% YoY to $376.1m from $363.2m

As at 31 March 2019, MIT’s property portfolio of 87 properties in Singapore and 14 data centres in the United States was valued by independent valuers at $4.77b. This represented a 10.4% increase over the previous portfolio valuation of $4.32b in 2018.

Net asset value per unit increased from $1.47 to $1.51.