Mapletree Logistics Trust's NPI up 3.9% to $108.56m in Q3

Higher contributions from properties in Australia, South Korea and Vietnam boosted income.

Mapletree Logistics Trust (MLT) saw its net property income (NPI) rose 3.9% YoY to $108.56m in Q3 2019 from $104.49m in Q3 2018, the company announced. Gross revenue edged up 0.3% to $121.15m over the same period.

NPI growth was driven by higher contributions from its existing properties and acquisitions in Australia, South Korea and Vietnam, but was countered by the absence of revenue from its divestment of five warehouses in Japan in Q1 FY19-20.

MLT’s amount distributable to unitholders grew 6.5% YoY to $76.6m for the quarter, translating to a 2.1% climb in distribution per unit (DPU) to 2.044 cents.

Over its 9M period, its NPI rose 13.8% YoY to $323.81m, whilst revenue expanded 9% to $ 362.71m.

Its portfolio occupancy also rose from 97.5% in Q2 to 97.7% in Q3, due to higher occupancy in Singapore. However, it was still slightly affected by lower occupancies in South Korea and China.