The REIT found the fiscal year challenging as tenants struggled during the pandemic.
Mapletree Industrial Trust (MIT) reported a distributable net property income of $$295.26m for the fiscal year of 2020/2021.
Read also: Aesthetics trend 2021: Head-to-toe rejuvenation for better skin health
This is 11.3% higher than the distributable net property income of $265.33m recorded for the same period last year.
Distribution per unit has been set at 12.55 cents, 2.5% higher than in the previous financial year.
Read also: everything we know about it for now
"Y20/21 was fraught with uncertainty and challenges for businesses because of the COVID-19 pandemic. We will continue to support our tenants through this uncertain period as they gradually recover from adverse global economic conditions," said MIT CEO Tham Kuo Wei in a bourse disclosure.
Average portfolio occupancy for the fourth quarter increased to 93.7% from 93.1% due to the complete acquisition of a data centre in Virginia, United States, and an improvement in the average occupancy for its Singapore portfolio.
Read also: Dormitory security guard attended 2-day course pending COVID-19 test results, gets jail
As of March 31, the total valuation of MIT's 115 properties is at $6.76b.
MIT said its diversified and large tenant base, coupled with its low dependency on any single tenant or trade sector, will help its portfolio stay resilient as COVID-19 risks remain.
NEWS SOURCE
