Mapletree Logistics Trust's NPI up 3.9% to $83.02m in Q3

Thanks to higher revenue from its acquired properties in Hong Kong and Australia.

Mapletree Logistics Trust's (MLT) net property income (NPI) rose 3.9% YoY from $79.89m to $83.02m in Q3.

According to its financial statement, distribution per unit (DPU) rose 2.14% YoY from 1.87 cents to 1.91 cents, whilst distributable income rose 24.5% YoY to $58.29m

Meanwhile, gross revenue grew 2.8% YoY to $98.22m mainly attributed to higher revenue from existing properties in Hong Kong, one property in Hong Kong acquired in Q3, and four properties in Australia acquired in Q3 last year.

The growth in revenue was partially offset by lower revenue from a converted multi-tenanted building in Korea, absence of revenue from one block in Ouluo Logistics Centre in China which is undergoing redevelopment, the absence of revenue from three divestments completed in H1.

MLT also noted the impact of a weaker Japanese Yen (JPY) and Hong Kong Dollar (HKD).

The company said, "The Manager remains focused on maintaining high occupancy rates by actively managing leases due for renewal. After taking into account the expiring leases that have been replaced or renewed, the Manager is actively working on the balance of expiring leases representing 4% of the portfolio (by net lettable area)."