Thanks to higher revenue from existing assets.

Mapletree Logistics Trust reported that its net property income grew 3.1% year-on-year to $71.1m in the first quarter.

The growth was on back of higher revenue from existing international and local assets as well as the acquisition of Dakonet Logistics Centre in June this year.

MLT's gross revenue grew 5% to $85.1m, while property expenses slipped 15.8% to $13.9m.

Despite its good results, MLT warned that it expects lower portfolio occupancy and revenue in coming quarters.

"For the rest of FY15/16, about 9% of net lettable area of MLT’s total portfolio relates to single-user assets which are due for renewal. The Manager expects that some of the single-user assets will be converted to multi-tenanted buildings. During this transition, portfolio occupancy and revenue will be under pressure, while property expenses are
expected to remain on an uptrend,” MLT said.

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