Mapletree Logistics Trust recorded a 17.2% y-o-y rise in distributable income to $108.6 million for the three months to June 30, the REIT’s 1Q2023. Distribution per unit (DPU) rose 5% to 2.268 cents on an enlarged unit base following the placement in the last quarter of 2021.
Revenue in the quarter rose 14.6% y-o-y to $187.7 million. Property expenses increased by 24.8% to $24.4 million due to the enlarged portfolio and higher property and land tax. Accordingly, net property income (NPI) in 1QFY2023 increased by 13.2% y-o-y to $163.2 million.
During the quarter, MLT completed the acquisitions of Mapletree (Yuyao) Logistics Park in China and Baeksa Logistics Centre in South Korea taking MLT’s property portfolio to $13 billion as at June 30. Net asset value fell 1 cent q-o-q to $1.47 as at June 30.