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.

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