Mapletree Industrial Trust year-end NPI up 8.1% to $277.6m

Revenue was higher thanks to contributions from its build-to-suit project for HP.

The year 2017 was a blast for Mapletree Industrial Trust (MIT) as its net property income (NPI) climbed 8.1% YoY from $256.83m to $277.6m. For the fourth quarter, NPI growth was also positive as it rose 2.9% YoY from $65.97m to $67.88m.

According to its financial statement, Q4 gross revenue rose 2.9% YoY to $90.4m due to revenue contribution from the build-to-suit (BTS) project for HP Singapore (Private) Limited (HP), partially offset by lower portfolio occupancies across all the property segments except for Light Industrial Buildings.

Distributable income rose 7.2% YoY to $55.5m due to the distribution declared by a joint venture of $3.2m. Distribution per unit (DPU) hit 2.95 cents.

Meanwhile, MIT spent $22.5m, 3.1% higher than last year, mainly on property maintenance expenses, property taxes and marketing commission, partially offset by lower utilities.

Net income slightly rose by 1%, due to higher NPI and interest income partially offset by higher borrowing costs and manager’s management fees.

Also Read

SGX RegCo confirms ESR Group Limited's eligibility to vote on Sabana REIT trust deed amendments

LHN unit divests 20% stake in Coliwoo (TK)

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit