Mapletree Industrial Trust’s net property income up 4.1% in Q2

Thanks to higher rental rates.

Mapletree Industrial Trust posted a 4.1% year-on-year increase in its net property income for the 2nd quarter. MINT’s NPI came in at $56.2m, while revenue also climbed 6.2% year-on-year to $77.9m.

Its DPU reached a new high of 2.6 Scts a new high. MINT’s impressive results was driven by higher rental rates achieved across all business segments and contributions from completed development projects.

Its average portfolio rent of came in at $1.82 psf. Portfolio occupancy rates inched higher to 91.5% from 90.7% in 1Q15.

MINT also early refinanced its loans due FY15, increasing is weighted average debt tenure to 3.6 years, keeping all-in costs at 2.1%.

According to DBS, the firm’s current gearing is conservative at c.32%, implying that the manager has the capability to take on debt-funded acquisitions when the opportunity arises.

“With market rental remaining flattish/declining slightly, rental reversions are expected to moderate to c.5%-10% and narrow further as portfolio passing rents reaches market levels. That said, earnings should remain stable,” noted DBS.

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