Mapletree Industrial Trust's NPI grew 13.3% to $79.9m in Q2

This was due to revenue contributions from new acquisitions.

Mapletree Industrial Trust (MIT) continued its growth as its net property income (NPI) leapt 13.3% YoY to $79.9m in Q2 from $70.59m last year, an announcement revealed. Revenue also climbed 10.1% YoY to $101.87m from $92.22m in Q2 2018.

Also read: Mapletree Industrial Trust's NPI grew 12.2% to $77.92m in Q1

The gains were attributed to new revenue contributions from 18 Tai Seng, 30A Kallang Place and Mapletree Sunview 1.

Distributable income also jumped up 12.1% YoY to $63.51 in Q2 from $56.7m last fiscal year, whilst distribution per unit (DPU) edged up 4% YoY to $0.0313 from $0.03 in Q2 2019. This was driven by higher net property income, partially offset by higher manager’s management fees and borrowing costs, MCT reported. Higher management fees were due to better portfolio performance and increased value of assets under management.

On a quarterly basis, MIT’s NPI increased 2.7% from $77.92m in Q1, whilst revenue inched up 2.3% from $99.58m in the previous quarter.

Also read: Data centre expansion to drive Mapletree Industrial Trust's economic resiliency

Average portfolio occupancy for Q2 was 90.5%, lower than 90.8% in the preceding quarter. Occupancy for MCT’s Singapore portfolio fell marginally to 90.2% in Q2 from 90.5% in Q1. This was mainly due to the lower occupancies registered at the Light Industrial Buildings and Stack-up/Ramp-up Buildings segments. The US portfolio occupancy rate remained unchanged at 97.4%, the report added.

An advanced distribution of $0.0293 per unit was paid to unitholders on 21 October. The balance DPU of $0.002 from 26 September to 30 September will be payable together with the Q3 distribution from 1 October to 31 December.