Mapletree Industrial Trust posts 6.6% drop in Q2 DPU to S$0.0297
Net property income falls 3.5% to S$119.8 million
Mapletree Industrial Trust reported a 6.6% drop in distribution per unit (DPU) for Q2, ending September 30, 2022, at S$0.0297 compared to S$0.0318 in the same quarter last year. Gross revenue decreased by 1.9% to S$167 million, and net property income fell by 3.5% to S$119.8 million. The decline was attributed to lower contributions from the North American portfolio, the absence of income from three industrial properties divested in Singapore, and yen depreciation against the Singapore dollar.
Higher revenue from new leases and renewals in the Singapore portfolio partially offset the drop. Property expenses increased by 2.4% to S$47.3 million. Unitholders will receive S$84.8 million in distributions on December 9. CEO Anand Tze Ming Chandran emphasized the focus on selective divestments and portfolio rebalancing amid persistent interest rate headwinds. The trust aims to strengthen resilience by advancing leasing and portfolio rejuvenation efforts.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Mapletree Industrial Trust posts 6.6% drop in Q2 DPU to S$0.0297 businesstimes.com.sg
