Mapletree Industrial Trust’s NPI grew 8.3% in Q2 FY 22/23

It attributed higher earnings from stable portfolio performance.

On the back of improved occupancies and positive rental revisions, Mapletree Industrial Trust posted a net property income of $130.3m which grew 8.3% in the second quarter (Q2) of financial year 2022 to 2023, compared to a year ago.

Year-on-year, its gross revenue also went up by 12.8% to $175.5m in Q2 FY 22/23.

Amount for distribution to unitholders for the period increased 0.7% YoY to $89m, which came after it acquired 29 data centres in the US, but was offset by higher property operating expenses and borrowing costs. 

Average overall portfolio occupancy of the firm went up to 95.6% in Q2 Fy 22/23 from 95.3% quarter-on-quarter. This stemmed from the higher occupancies across most property segments.