Mapletree Industrial Trust distributable net property income up 11.3%

The REIT found the fiscal year challenging as tenants struggled during the pandemic.

Mapletree Industrial Trust (MIT) reported a distributable net property income of $$295.26m for the fiscal year of 2020/2021.

This is 11.3% higher than the distributable net property income of $265.33m recorded for the same period last year.

Distribution per unit has been set at 12.55 cents, 2.5% higher than in the previous financial year.

"Y20/21 was fraught with uncertainty and challenges for businesses because of the COVID-19 pandemic. We will continue to support our tenants through this uncertain period as they gradually recover from adverse global economic conditions," said MIT CEO Tham Kuo Wei in a bourse disclosure.

Average portfolio occupancy for the fourth quarter increased to 93.7% from 93.1% due to the complete acquisition of a data centre in Virginia, United States, and an improvement in the average occupancy for its Singapore portfolio.

As of March 31, the total valuation of MIT's 115 properties is at $6.76b.

MIT said its diversified and large tenant base, coupled with its low dependency on any single tenant or trade sector, will help its portfolio stay resilient as COVID-19 risks remain.