Mapletree Industrial Trust's net property income up 6.5% to $228.6m in FY15

On back of higher industrial rents.

Mapletree Industrial Trust reported that its net property income grew 6.5% to $228.6m in FY15, underpinned by higher rental rates secured for new leases and renewal leases.

Average portfolio passing rent increased to S$1.84 per square foot per month from $1.83 psf/mth in the preceding quarter. The increase was due to positive rental revisions for renewal leases.

MIT's income was also supported by the successful completion of the BTS data centre for Equinix and commencement of the redevelopment at the Telok Blangah Cluste

Average portfolio occupancy decreased marginally quarter-on-quarter from 90.8% to 90.2% in 4QFY14/15, which was partly due to the progressive relocation of the tenants from the Telok Blangah Cluster. The Telok Blangah Cluster will be redeveloped as a BTS project for Hewlett-Packard Singapore.