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Mapletree Industrial Trust’s unit price down 2.17% after it posted a DPU of 3.10 cents for Q1

Net property income for the first quarter climbed 12.2% higher to S$77.9 million, compared with S$69.5 million in the same period a year ago.

Unit prices of industrial real estate investment trust (REIT) Mapletree Industrial Trust (MIT) were down by 2.17% on Wednesday (24 July, 2019) after the REIT raised its first quarter distribution per unit (DPU) by 3.3% to 3.10 Singapore cents, from 3.0 cents a year ago.

Net property income for the first quarter climbed 12.2% higher to S$77.9 million, compared with S$69.5 million in the same period a year ago. The REIT’s manager attributed the growth to new revenue contributions from industrial properties 18 Tai Seng, Mapletree Sunview 1, and 30A Kallang Place.

For the first quarter, the REIT posted an 8.8% year-on-year increase in gross revenue to S$99.6 million. Total amount available for distribution to unitholders was up 11.1% to S$63.2 million.

The DPU pay-out for the said quarter will be on August 28, 2019.

Mapletree Industrial Trust's unit price dip as investors cash out

Unit prices of MIT fell by 2.17% at around 2.45pm on Wednesday, following the REIT’s post-market hours quarterly results announcement a day earlier, as some investors cashed out. The REIT reached all-time high levels of S$2.33 earlier this month.

Year-to-date, the REIT has risen by 18.4%, from S$1.90 on January 2, 2019.

MIT units closed at S$2.30 on Tuesday before its earnings results were announced, down two Singapore cents or 0.86%.

Business sentiment has improved, but companies remain cautious

MIT said that the business sentiment among local companies has edged up after three consecutive quarters of decline, but companies remain cautious, noting the downside economic risks from the United States-China trade tensions and an uncertain global growth outlook.

Going forward, the industrial property landlord expects a ‘lukewarm manufacturing sector’ in the third quarter of this year, ‘with economic uncertainties and global trade issues posing particular challenges for the electronics and precision engineering sectors’.

Earlier this month, the REIT’s manager announced its largest redevelopment project of the Kolam Ayer 2 Cluster into a high-tech industrial precinct at a total project cost of about S$263 million. The proposed redevelopment will include a build-to-suit facility with gross floor area of about 211,000 square feet.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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