(Constituted in the Republic of Singapore pursuant to a Trust Deed dated 29 January 2008 (as amended))
MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020
TABLE OF CONTENTS
Item No. | Description | Page No. | |
- | Summary Results of Mapletree Industrial Trust Group | 2 | |
- | Introduction | 3 | |
1(a)(i) | Consolidated Statement of Profit or Loss and Distribution Statement | 4 | - 5 |
1(a)(ii) | Consolidated Statement of Comprehensive Income | 6 | |
1(b)(i) | Statements of Financial Position | 7 | - 8 |
1(b)(ii) | Aggregate Amount of Borrowings and Debt Securities | 8 | - 9 |
1(c) | Consolidated Statement of Cash Flows | 9 - 10 | |
1(d)(i) | Statement of Movements in Unitholders' Funds (MIT Group) | 11 | - 12 |
1(d)(ii) | Statement of Movements in Unitholders' Funds (MIT) | 12 | |
1(d)(iii) | Details of Any Change in Units | 13 | |
1(d)(iv) | Sales, Transfers, Cancellation and/or of Treasury Units and Subsidiary | 13 | |
Holdings | |||
2 & 3 | Audit Statement | 13 | |
4 & 5 | Changes in Accounting Policies | 13 | - 14 |
6 | Earnings Per Unit ("EPU") and Distribution Per Unit ("DPU") | 14 | |
7 | Net Asset Value ("NAV") and Net Tangible Asset ("NTA") Per Unit | 15 | |
8 | Review of the Performance | 15 | - 17 |
9 | Variance from Prospect Statement | 17 | |
10 | Outlook and Prospects | 17 | - 18 |
11 & 12 | Distributions | 19 | - 20 |
13 & 14 | Segment Information (MIT Group) | 21 | - 22 |
15 | General Mandate relating to Interested Person Transactions | 22 | |
16 | Confirmation pursuant to Rule 720(1) of the Listing Manual | 22 | |
17 | Confirmation by the Board | 22 | |
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MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020
Summary Results of Mapletree Industrial Trust Group1 ("MIT Group")
3QFY20/21 | 2QFY20/21 | Variance | 3QFY19/20 | Variance | ||||
% | % | |||||||
Gross revenue (S$'000)2 | 123,685 | 103,350 | 19.7 | 102,610 | 20.5 | |||
Net property income (S$'000)2 | 98,929 | 81,602 | 21.2 | 81,905 | 20.8 | |||
Amount available for distribution | 81,074 | 72,884 | 11.2 | 69,436 | 16.8 | |||
(S$'000)2 | ||||||||
No. of units in issue ('000) | 2,350,697 | 2,350,379 | * | 2,200,749 | 6.8 | |||
Distribution per unit (cents) | 3.28 | 3.10 | 5.8 | 3.16 | 3.8 | |||
Comprising: | ||||||||
- Advanced distribution for | 1 | 0.03 | ||||||
July 2020 (paid on 28 July | ||||||||
2020) | ||||||||
- Balance distribution from 2 | ||||||||
July 2020 to 30 September | 3.07 | |||||||
2020 | ||||||||
YTD | YTD | Variance | |||
FY20/21 | FY19/20 | % | |||
Gross revenue (S$'000)2 | 326,141 | 304,057 | 7.3 | ||
Net property income (S$'000)2 | 259,183 | 239,813 | 8.1 | ||
Amount available for distribution | 224,516 | 196,184 | 14.4 | ||
(S$'000)2 | |||||
No. of units in issue ('000) | 2,350,697 | 2,200,749 | 6.8 | ||
Distribution per unit (cents) | 9.25 | 9.39 | (1.5) | ||
* Percentage is less than 0.1%
Footnotes:
1
2
MIT Group comprises Mapletree Industrial Trust ("MIT") and its wholly owned subsidiaries.
Gross revenue and net property income do not include MIT's interests in the North American joint ventures with Mapletree Investments Pte Ltd ("MIPL"), as these are equity accounted. Amount available for distributions includes distributions declared by the joint ventures. With effect from 1 September 2020, upon completion of the acquisition of remaining 60.0% interest in the 14 data centres located in the United States of America, interest previously held through one of the joint ventures - Mapletree Redwood Data Centre Trust ("MRDCT") has been consolidated.
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MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020
Introduction
MIT is a real estate investment trust listed on the Main Board of Singapore Exchange. Its principal investment strategy is to invest in a diversified portfolio of income-producing real estate used primarily for industrial purposes in Singapore and income-producing real estate used primarily as data centres worldwide beyond Singapore, as well as real estate-related assets.
With effect from 1 April 2020, the Manager has reclassified Data Centres as a standalone property segment to reflect its growth within the portfolio. These properties, which were previously classified within the Hi-Tech Buildings, have been reclassified to the Data Centres - namely 7 Tai Seng Drive, 19 Tai Seng Drive, 26A Ayer Rajah Crescent, Mapletree Sunview 1, STT Tai Seng 1 and the 27 data centres in North America (including 13 data centres held through joint venture with MIPL). The remaining high- specification industrial buildings in Singapore will continue to be classified as Hi-Tech Buildings.
On 1 September 2020, MIT completed the acquisition of the remaining 60.0% interest in 14 data centres located in the United States of America, previously held by MRDCT, for a purchase consideration of US$215.3 million (approximately S$292.8 million1).
As at 31 December 2020, MIT's total assets under management was S$6.6 billion, which comprised 84 properties in Singapore and 27 properties in North America (including 13 data centres through the joint venture with MIPL). MIT's property portfolio include Data Centres, Hi-Tech Buildings, Business Park Buildings, Flatted Factories, Stack-up/Ramp-up Buildings and Light Industrial Buildings.
MIT's distribution policy is to distribute at least 90.0% of its taxable income, comprising substantially rental income from the letting of its properties and related property services income after deduction of allowable expenses, as well as interest income from the periodic placement of cash surpluses in bank deposits.
1 Based on the exchange rate of US$1.00 to S$1.36
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MAPLETREE INDUSTRIAL TRUST UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION ANNOUNCEMENT FOR THE FINANCIAL PERIOD FROM 1 OCTOBER 2020 TO 31 DECEMBER 2020 AND YEAR TO DATE FROM 1 APRIL 2020 TO 31 DECEMBER 2020
1(a)(i) Consolidated Statement of Profit or Loss and Distribution Statement
Consolidated Statement of | 3Q | 3Q | YTD | YTD | |||
FY20/21 | FY19/20 | Variance | FY20/21 | FY19/20 | Variance | ||
Profit or Loss | |||||||
(S$'000) | (S$'000) | % | (S$'000) | (S$'000) | % | ||
Gross revenue | 123,685 | 102,610 | 20.5 | 326,141 | 304,057 | 7.3 | |
Property operating | (24,756) | (20,705) | 19.6 | (66,958) | (64,244) | 4.2 | |
expenses (Note A) | |||||||
Net property income | 98,929 | 81,905 | 20.8 | 259,183 | 239,813 | 8.1 | |
Interest income | 32 | 2,125 | (98.5) | 248 | 2,295 | (89.2) | |
Borrowing costs (Note B) | (15,508) | (12,072) | 28.5 | (38,091) | (33,990) | 12.1 | |
Manager's management | |||||||
fees | |||||||
- | Base fees | (7,190) | (5,628) | 27.8 | (19,333) | (16,883) | 14.5 |
- | Performance fees | (3,543) | (2,951) | 20.1 | (9,342) | (8,642) | 8.1 |
Trustee's fees | (196) | (161) | 21.7 | (547) | (472) | 15.9 | |
Other trust expenses | (617) | (342) | 80.4 | (1,431) | (1,142) | 25.3 | |
Net foreign exchange gain/ | 527 | (125) | ** | 357 | (126) | ** | |
(loss) | |||||||
Share of joint ventures' | 9,571 | 6,848 | 39.8 | 35,593 | 15,609 | >100.0 | |
results1 | |||||||
Effects from deemed | |||||||
disposal of investments in | (15,662) | - | ** | (15,662) | - | ** | |
joint venture2 | |||||||
Profit for the period before | 66,343 | 69,599 | (4.7) | 210,975 | 196,462 | 7.4 | |
income tax | |||||||
Income tax expense | (475) | (49) | >100.0 | (676) | (49) | >100.0 | |
Profit for the period after | 65,868 | 69,550 | (5.3) | 210,299 | 196,413 | 7.1 | |
income tax | |||||||
Distribution Statement | 3Q | 3Q | YTD | YTD | |||
FY20/21 | FY19/20 | Variance | FY20/21 | FY19/20 | Variance | ||
(S$'000) | (S$'000) | % | (S$'000) | (S$'000) | % | ||
Profit for the period after | 65,868 | 69,550 | (5.3) | 210,299 | 196,413 | 7.1 | |
income tax | |||||||
Adjustment for net | |||||||
effect of non-tax | |||||||
deductible/(chargeable) | 6,545 | (6,812) | ** | (15,831) | (14,531) | 8.9 | |
items and other | |||||||
adjustments (Note C) | |||||||
Distributions declared | 8,661 | 6,698 | 29.3 | 30,048 | 14,302 | >100.0 | |
by joint ventures | |||||||
Amount available for | 81,074 | 69,436 | 16.8 | 224,516 | 196,184 | 14.4 | |
distribution | |||||||
Footnote: |
1 Share of joint ventures' results relates to MIT's equity interest in the joint ventures with MIPL. The results of the joint ventures were equity accounted at the Group level. With effect from 1 September 2020, upon
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Mapletree Industrial Trust published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 11:03:13 UTC.