Mapletree Logistics Trust net property income climbs 21.3%

Its portfolio occupancy improved to 97.8% as of end-June.

Mapletree Logistics Trust reported a 21.3% increase to its net property income for the first quarter of the financial year, growing to $144.5m from $118.8m.

Amount distributable to unitholders grew by 19.1% to $92.693m from $77.804m.

Its revenue was driven by its existing projects, acquisitions completed in the financial year of 2020-2021, and the completed redevelopment of Mapletree Ouluo Logistics Park Phase 2.

Its portfolio was 97.8% occupied as of end-June compared to 97.5% the previous quarter. Leases for approximately 391,517 square metres were successfully renewed or replaced, particularly in Vietnam, Hong Kong, and Singapore.

Mapletree is working on the acquisition of a temperature-controlled warehouse close to Changi Airport for $24.5m.

Moving forward, Mapletree Logistics Trust will focus on maintaining stable occupancy rates, prioritising tenant retention.