Mapletree Logistics Trust has announced a total distributable amount of $37 million for 4Q 2010, an improvement of 17% compared with 3Q 2010.

Gross revenue for 4Q 2010 increased by about 12% to $61 million from 3Q 2010 with the net property income (NPI) reflecting a corresponding improvement of about 13% against 3Q 2010.

DPU for 4Q 2010 grew to 1.55 cents from 1.54 cents in 3Q 2010.

The revenue and income growth reflected the full quarter contribution of acquisitions completed during 3Q 2010 as well as contribution from the five properties acquired during this quarter.

4Q 2010 also saw a further increase in the occupancy rate of Malaysia from approximately 95% to 99% with an improvement in rental rates reported across the portfolio. With these factors, amount distributable increased by $5 million to $37 million.

As at 31 December 2010, MapletreeLog had a portfolio of 96 properties. The 96 properties include 54 in Singapore, 14 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam. Singapore, Hong Kong and Japan remained the key contributors to the portfolio, contributing close to 90% of MapletreeLog’s NPI. MapletreeLog’s borrowings also increased to $1,354 million versus $1,093 million last year in view of the acquisitions completed in 2010.

Looking forward, MapletreeLog says Asia is expected to stay in expansionary mode, albeit at a more moderate and sustainable pace compared to 2010. In the International Monetary Fund forecast issued in October 2010, the 2011 GDP growth for Asia was revised marginally down to 6.7% from its July forecast of 6.8%, after taking into consideration the fact that inventory rebuilding has fuelled global external demand growth.