Net property income grew 0.9 per cent to S$78.7 million from a year ago. Gross revenue fell 0.5 per cent to S$99.1 million partly due to the rental rebates extended to tenants as part of the Covid-19 Assistance and Relief Programme.
Share of joint ventures results surged to S$13.7 million from S$4.3 million due to the contribution from Mapletree Rosewood Data Centre Trust, a 50:50 joint venture between MIT and Mapletree Investments Pte Ltd. Mapletree Rosewood Data Centre Trust holds 10 powered shell data centres and an 80 per cent interest in three fully fitted hyperscale data centres in North America.
The average rental rate of the Singapore portfolio fell to S$2.08 per square foot per month in Q1 FY2021 from S$2.11 psf/mth in Q4 FY2020. All property segments except the data centres in Singapore and light industrial buildings registered lower average rental rates due mainly to rental rebates. Following the proposed acquisition, MIT’s data centre segment will comprise 39 per cent of MIT’s portfolio by assets under management.
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