Mapletree Industrial Trust's net property income drops 1.4% YoY to $128.6m in 2QFY23/24

In the same quarter, DPU fell 1.2% YoY.

Mapletree Industrial Trust (MIT) posted a 1.4% YoY lower net property income (NPI) of $128.6m in 2QFY23/24.

The REIT also reported a 1.2% YoY lower distribution per unit (DPU) of $0.0332.

MIT, however, said the lower DPU was "a result of an enlarged unit base following the equity fundraising exercise in 1QFY23/24 and the distribution reinvestment plan for distributions from 3QFY21/22 to 3QFY22/23."

Meanwhile, the REIT reported a higher average rental rate of its Singapore portfolio at 2.19 per square foot per month (psf/mth) in 2QFY23/24 from $2.18 psf/mth in 1QFY23/24.

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Mapletree Industrial Trust

Net property income

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