Net property income dropped 1.5% YoY.

Mapletree Logistics Trust (MLT) reported a 1.5% year-on-year (YoY) decline in net property income (NPI) to $625.3m in FY2024.

Distribution per unit (DPU) stood at $0.08053 and profit distributable to unitholders fell 9.1% YoY to $406.4m.

Gross revenue also dropped 0.9% YoY to $727.0m. The decline was due to higher borrowing costs, which increased by 7.5% or $11.0m YoY, as well as a lower divestment gain of $27.0m as compared to $41.6m in FY23/24,

As of 31 March, MLT owned 180 properties with an aggregate portfolio property valuation of $13.3b, an increase of $0.1b or 0.8% YoY.

The increase was mainly due to the acquisitions of three properties in FY24/25, capital expenditure on existing assets, and a property under redevelopment in Singapore, partially offset by the divestment of 10 properties during the year.

Portfolio occupancy remained stable at 96.2% with higher occupancy rates in Japan and China, as well as full occupancy in Australia and India.

Mapletree Log Tr drops 2.59% at 9:36 am, Apr 25th.