MapleTree Industrial Trust’s NPI rises 0.6% on new acquisitions, leases

Despite higher NPI, MIT saw a 1.0% YoY dip in DPU.

Mapletree Industrial Trust (MIT) saw a marginal 0.6% YoY increase in net property income in FY23/24 to reach $521.0m.

In the same period, MIT posted a 1.8% YoY higher gross revenue of $697.3m.

MIT attributed its improved gross revenue and NPI to revenue contributions from its redevelopment project, Mapletree Hi-Tech Park @ Kallang Way, the data centre in Osaka, Japan, acquired on 28 September 2023, and new leases and renewals across various property clusters.

The higher NPI and higher distribution declared by joint venture Mapletree Rosewood Data Centre Trust pushed MIT's distribution to unitholders up 2.7% YoY to $378.3m.

Despite higher distribution to unitholders, MIT still recorded a 1.0% YoY lower distribution per unit (DPU) of $0.1243.