Mapletree Industrial Trust's property income increased 11.7% to $70.7m in 3Q2018

Revenue also went up, thanks to built-to-suit project for HP Singapore.

DBS Bank reported that Mapletree Industrial Trust (MINT)’s NPI rose by 11.7% YoY, from $63.4m in 3Q2017 to $70.9m in 3Q2018.

Further, MINT’s gross revenue increased by 8.3% YoY to $92.6m. According to DBS Bank, this was mainly due to the contribution from built-to-suit project for HP Singapore, but was partially offset by lower portfolio occupancy in 3Q2018.

“We saw negative rental reversions across the portfolio with fairly stable retention ratios of c.73.3%. Negative rental reversionary trends should be bottoming out towards 2H18-2019 as the industrial supply tapers off,” DBS Bank said.

Here’s more from DBS Bank:

The REIT also reported a partial quarter contribution from the acquisition of a 40% stake in portfolio of 14 data centers in the US boosting distributable income by 4.6% y-o-y to S$54.0m. This translates to a DPU of 2.88 Scts for the quarter, which was only 1.8% higher compared to a year ago, as a result of the enlarged share base post placement in Oct’17.