by Cheryl Tay
Mapletree Industrial Trust (MIT) announced that its distribution per unit (DPU) for its fiscal first quarter ended 30 June increased 14.1 percent year-on-year to 2.26 cents.
MIT's net property income also grew to S$48.34 million, up 26.4 percent from S$38.24 million, while its distributable income climbed 27.1 percent to S$36.9 million from S$29.03 million last year.
Gross revenue increased 21.6 percent to S$66.86 million, buoyed by the acquisition of eight flatted factories and three amenity centres from JTC Corporation in August last year.
Excluding the acquisitions made in August, gross revenue inched up 8.4 percent year-on-year thanks to higher rental rates secured, as well as higher occupancies achieved from the group's initial portfolio.
MIT's portfolio retained stable occupancies in main property segments. Average passing rent improved to S$1.56 psf per month, while average portfolio occupancy held strong at 94.9 percent.
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