SINGAPORE (Jan 22): The manager of Mapletree Logistics Trust (MLT) has posted distribution per unit (DPU) of 1.907 cents for the 3Q ended December, up 2% compared to DPU of 1.870 cents a year ago.
MLT’s amount distributable to unitholders grew 24.5% to $58.3 million in 3Q17/18, on the back of partial distribution of the gains from the divestments of 4 Toh Tuck Link, Zama Centre and Shiroishi Centre, and 20 Old Toh Tuck Road.
However, this was spread over an enlarged units base, which grew 22.3% to 3.06 billion units as at end-Dec 2017.
The improvement was underpinned by stable performance from existing properties as well as contributions from accretive acquisitions, partially offset by the absence of contributions from divestments and one of two blocks under redevelopment in Ouluo Logistics Centre, China.
Gross revenue grew 2.8% to $98.2 million in 3Q, with net property income (NPI) rising 3.9% to $83.0 million.
The revenue growth was mainly attributed to higher revenue from existing properties in Hong Kong, one property in Hong Kong acquired in 3Q17/18 and four properties in Australia acquired in 3Q16/17.
Portfolio occupancy edged up by 0.4 percentage points to 96.2%, due to higher occupancies in Hong Kong, South Korea and Malaysia.
MLT’s portfolio achieved an average rental reversion of about 2% for the quarter, contributed mainly by Hong Kong and Vietnam.
As at end December, cash and cash equivalents stood at $110.8 million.
“MLT has continued to show steady positive performance across the quarters. The rejuvenation of our portfolio has gained momentum with the addition of assets of better quality specifications and higher value tenants,” says Ng Kiat, chief executive officer of the manager.
“We expect to continue to build on this momentum so as to deliver long term value to our unitholders,” she adds.
Looking ahead, the manager says it continues to pursue opportunities for strategic acquisitions and asset enhancements to improve the quality of MLT’s portfolio.
MLT will pay a distribution of 2.088 cents per unit to unitholders on Feb 28, 2018. This is for the period from Sept 22, 2017, when new units were issued pursuant to the private placement launched on Sept 13, to Dec 31, 2017.
Units of MLT fell 2 cents to close at $1.35 on Monday.
