SEE: Mapletree Logistics Trust acquires Brisbane distribution centre for $109.8 mil
3QFY2020/2021 gross revenue grew 15.5% y-o-y to $139.9 million mainly due to higher revenue across the REIT’s existing properties. The higher gross revenue was also attributable to contributions from acquisitions completed in FY2019/2020 and FY2020/2021, as well as contribution from the completed redevelopment project in Shanghai, Ouluo Logistics Park Phase 2. Growth was partly offset by rental rebates granted to eligible tenants who were impacted by Covid-19, as well as the absence of contribution from one of MLT’s properties that was divested in FY2019/2020. Property expenses increased by 20.3% y-o-y to $15.1 million due to the acquisitions completed in FY2019/2020 and FY2020/2021, and was offset by lower maintenance expenses and absence of expenses in relation to divested property completed in FY2019/2020. Correspondingly, net property income (NPI) increased by 14.9% y-o-y to $124.7 million. For the 9MFY2020/2021, DPU gained 1.2% y-o-y to 6.165 cents on an enlarged unit base. Amount distributable to unitholders for the same period grew 7.4% y-o-y to $240.5 million. As at Dec 31, 2020, MLT’s portfolio occupancy stood at 97.1% with a weighted average lease expiry (WALE) of 3.7 years by net lettable area (NLA). Cash and cash equivalents for the period stood at $275.3 million.
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Excluding the recently acquired Higashi Hiroshima Centre in Japan which is 33% occupied, portfolio occupancy would be 97.4%.