It was propped up by stable occupancy.
A consistent influx of occupants may have barely lifted the property firm’s distributable income for the third quarter, but the threat of the weakening global economic climate still looms.
According to a press release by Mapletree Industrial Trust, distribution per unit increased by 5.6% yoy to 2.82c as the property firm rode stable operational performance and some contribution from its completed build-to-suit data centre.
The report also said portfolio occupancy rose from 93.8% to a more stable 94.7%, while average portfolio passing rent increased to $1.89 per square foot per month.
Meanwhile, the surge of industrial space in the near term is expected to pose problems for the firm, aggravating their struggle with rising interest rates.
“We remain focused on retaining tenants and mitigating the effects of upward cost adjustments, while continuing to be prudent in capital management,” said Tham Kuo Wei, CEO of Mapletree Industrial Trust.
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