MIT's NPI up 10.5% to $318.06m in FY2020

Its DPU inched up 0.7% to 12.24 cents.

Mapletree Industrial Trust (MIT) saw its net property income jump 10.5% YoY to $318.06m from $287.77m in FY2019, an SGX filing revealed. Gross revenue similarly rose 7.9% YoY to $405.86m from $376.1m over the same period.

The distribution per unit (DPU) inched up 0.7% YoY from 12.16 cents to 12.24 cents in FY2020. Net property income margin also increased from 76.5% to 78.4%.

MIT’s gross revenue rose on the back of higher revenue contributions from 18 Tai Seng, 30A Kallang Place, 7 Tai Seng Drive and Mapletree Sunview 1 and partly offset by lower revenue from the flatted factories segment due to the decantment of tenants with respect to the redevelopment of Kolam Ayer 2 Cluster into a high-tech industrial precinct.

In addition, property expenses dipped by 0.6% to $87.79m. This follows the $88.33m decline in FY2019, no thanks to the lower property maintenance expenses and lower land rental expenses on operating leases due to effects from adoption of SFRS(I) 16. This was also partially offset by higher property taxes for 18 Tai Seng and higher property and lease management fees, which were in line with the growth in revenue.

As a result, the amount available for distribution to unitholders for FY2020 rose 14.5% YoY to $265.3m, thanks to the higher net property income, interest income and distributions declared by joint ventures, partially offset by higher manager’s management fees and borrowing costs.

On the other hand, MIT’s Q4 FY2020 NPI dipped 4.5% QoQ to $78.26m from $81.91m in Q3, attributed to lower revenue contribution from Kolam Ayer 2 Cluster and higher property maintenance expenses and property taxes incurred in the quarter.