SINGAPORE (Apr 26): The manager of Mapletree Logistics Trust (MLT) has announced a distribution per unit (DPU) of 1.937 cents for the 4Q18 ended March, up 4.1% from DPU of 1.860 cents a year ago.
This bring FY18 DPU to 7.618 cents, some 2.4% higher than full-year DPU of 7.440 cents a year ago.
The income available for distribution rose 27.1% to $59.2 million in 4Q17/18, from $46.6 million a year ago.
This was boosted by distribution of divestment gains from 4 Toh Tuck Link, Zama Centre & Shiroishi Centre, and 20 Old Toh Tuck Road.
4Q18 revenue grew 11.4% to $107.5 million, from $96.5 million a year ago.
The increase was driven by organic growth from the existing portfolio, initial contribution from a newly completed redevelopment in Singapore, as well as contributions from acquisitions.
Correspondingly, net property income (NPI) rose 13.7% to $91.3 million, from $80.3 million a year ago.
As at end March, cash and cash equivalents stood at $101.2 million.
Net asset value (NAV) per unit of MLT rose 6% to $1.10, compared to $1.04 a year ago.
MLT’s portfolio was valued at $6.5 billion as at Mar 31, 2018.
Portfolio occupancy stood at 96.6%, with weighted average lease expiry (WALE) by net lettable area about 3.5 years.
“FY17/18 was a busy year in which we strengthened the competitive edge of our portfolio with the addition of two new quality assets with modern specifications – Mapletree Logistics Hub Tsing Yi in Hong Kong and Mapletree Pioneer Logistics Hub in Singapore,” says Ng Kiat, CEO of the manager.
“We expect to build on this momentum to continually improve our portfolio through strategic acquisitions and redevelopments. At the same time, we will continue with active asset and lease management to maintain high occupancy and optimise returns,” she adds. About 24.4% of MLT’s leases by net lettable area will be expiring in FY18/19.
In a separate announcement on Thursday, the manager of MLT has proposed the acquisition of a 50% indirect interest in each of 11 logistics properties in China from its sponsor for a total price of approximately RMB 985.3 million ($205.3 million).
The remaining 50% interest in the properties will be held by subsidiaries of the sponsor of MLT, Mapletree Investments.
See: Mapletree Logistics Trust to acquire 50% stake in 11 logistics properties in China from sponsor for $205 mil
Units of MLT closed 2 cents higher at $1.26 on Thursday.