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Mapletree Industrial Trust DPU up by 1.5% in Q3

Gross revenue for the quarter also rose by 2% YoY to $177.3m.

Mapletree Industrial Trust (MIT) reported a 1.5% year-on-year (YoY) increase in distribution per unit (DPU) to $0.0341 for the third quarter ended 31 December 2024, from $0.0336 in the prior year.

Gross revenue for the quarter also rose by 2% YoY to $177.3m driven by revenue from the freehold mixed-use facility in Tokyo, Japan acquired on 29 October 2024 and the completion of the second and third phase fitting out works of a data centre in Osaka.

Net property income also grew by 2.6% YoY to $133.2m whilst distribution to unitholders increased by 2% to $97.1m.

The higher net property income was partially offset by the fall in the distribution declared by the joint venture, Mapletree Rosewood Data Centre Trust, due to higher borrowing costs and expired interest rate hedge replacement.

The average borrowing cost decreased to 3.1% mainly due to lower floating base rates and the low borrowing cost of the additional Japanese yen-denominated debt incurred with the Tokyo acquisition.

The company said unitholders can expect to receive their quarterly DPU for the period in cash or distribution reinvestment plan units on 14 March 2025. 

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