Tuesday, August 12, 2008

MI-Reit's 1Q09 Distributable Income Up 67.8%

Source : The Business Times, August 12, 2008

MacarthurCook Investment Managers (Asia) Limited, the manager of MacarthurCook Industrial Reit(MI-Reit), on Tuesday announced a distributable income of S$6.6 million for the first quarter ended June 30, 2008 -- up 67.8 per cent or S$2.7 million higher than a year ago.

The distribution per unit (DPU) of 2.35 cents for the quarter outperforms the 1Q 2008 DPU of 1.52 cents by 54.6 per cent and exceeds the previous quarter's performance by 5.9 per cent.

The books closure date to determine the entitlement to the 1Q 2009 DPU of 2.35 cents is 20 August 2008 and the date payable is 22 September 2008.

The growth in distribution during the quarter was largely driven by rental contributions from the acquisitions of nine additional properties during the last financial year. In addition, pre-determined rental escalations for two of the properties have contributed to the organic growth of the portfolio.

The manager expects to deliver, for the coming year, a DPU that is in line with its recent performance.

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