Mapletree Logistics Trust NPI up 14.6% to $90.19m in Q2 amidst acquisition spree

Distribution per unit also rose to 1.958 cents.

Mapletree Logistics Trust booked a healthy set of Q2FY2019 results after net property income (NPI) rose 14.6% YoY to $90.19m on the back of steady growth in its existing portfolio and two recent Hong Kong acquisitions, according to its financial statement.

Gross revenue also rose by 13.8% to $106.65m in Q2 whilst distribution per unit (DPU) rose by 3.8% to 1.958 cents.

Also read: Mapletree Logistics Trust net profit up 29.1% to $60.9m in Q2

MLT’s portfolio occupancy rate also improved from 95.7% in Q1 to 97.6% in Q2 on the back of steady growth in the China, Singapore, South Korea, and Vietnam markets which was partially offset by softening occupancy levels in Hong Kong.

The firm’s aggressive acquisitions to beef up its portfolio, along with higher operational and maintenance costs, pushed up property expenses by 9.9% in Q2.

This includes the acquisition of five modern ramp-up logistics properties in Singapore from CWT Pwe Ltd. The latest purchase has Singapore accounting for a third (33%) of the property asset value of MLT

“The Manager continues to pursue a portfolio rejuvenation strategy to strengthen MLT’s portfolio quality and competitiveness, and proactive asset and lease management to maintain high occupancy rates,” the firm said.

As of end-September, the firm had 139 properties across its eight markets.

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