MapleTree Industrial Trust's NPI drops 1.2% QoQ to $128.8m  in Q322/23

On a year-on-year comparison, however, NPI rose by 4.9%.

MapleTree Industrial Trust's (MIT) net property income (NPI) dropped 1.2% from $130.3m in Q2FY22/23 to  $128.8m in Q3FY22/23.

The drop in NPI was likely due to the decrease in its gross revenue, which fell 2.9% QoQ to $170.45m from $175.5m in the previous quarter.

On a year-on-year comparison, however, MIT's NPI and gross revenue increased, rising 4.9% and 5.0%, respectively.

MIT said the year-on-year increase in its NPI and gross revenue was driven by contributions from new leases across various clusters in its Singapore Portfolio.

Whilst MIT's NPI fell QoQ in Q3, the company's distribution to unitholders and distribution per unit (DPU) still increased during the quarter.

MIT's distribution to unitholders increased by 1.6% QoQ to $92.3m, whilst its DPU rose 0.9% QoQ to $0.0339.