Mapletree Industrial Trust's NPI grew 14% to $81.91m in Q3 2019

Improved occupancy from its business park buildings drove growth.

Mapletree Industrial Trust's (MIT) net property income (NPI) rose 14% YoY to $81.91m in Q3 FY2019-2020, from $71.88m in Q3 FY2018-2019, the company announced. Gross revenue grew 9.7% to $102.61m over the same period.

The growth was driven by improved occupancy for its business park buildings, full quarter contribution from 7 Tai Seng Drive, as well as lower property maintenance expenses and marketing commission.

The average occupancy of its portfolio edged up to 90.9%, from 90.5% in the preceding quarter, as the occupancy of its Singapore portfolio occupancy improved from 90.2% to 90.5% driven by its hi-tech buildings and business park buildings segments.

For YTD FY2019-2020, its gross revenue expanded 9.7% to $304.1m, whilst NPI jumped 13.2% to $239.8m.

The amount available for distribution for the quarter climbed 9.3% to $69.4m, translating to a distribution per unit (DPU) of 3.16 cents.