Mapletree Logistics Trust posts 5.0% increase in 3Q DPU to 2.002 cents

Mapletree Logistics Trust posts 5.0% increase in 3Q DPU to 2.002 cents

By: 
Samantha Chiew
21/01/19, 06:14 pm

SINGAPORE (Jan 21): The manager of Mapletree Logistics Trust (MLT) recorded a 5.0% increase in its 3Q18/19 DPU to 2.002 cents, compared to 1.907 cents in 3Q17/18.

This brings 9M18/19 DPU to 5.917 cents, 4.2% higher than 5.681 cents in 9M17/18.

The trust posted gross revenue of $120.8 million in 3Q18/19, 23.0% higher than $98.2 million a year ago, mainly attributed to higher revenue from existing properties, contribution from the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 in 2Q FY18/19, acquisitions in Hong Kong completed in FY17/18 and acquisitions in Singapore, Australia and Korea completed in FY18/19.

The growth in revenue was partly offset by absence of revenue from one divestment completed in 1Q FY18/19.

Property expenses increased by 7.3% y-o-y to $16.3 million, bringing net property income for the quarter to $104.5 million, 25.9% higher than $83.0 million last year.

Interest income increased significantly to $2.70 million from $0.15 million in the previous year.

Other trust expenses also saw a jump to $4.56 million from $0.98 million in 3Q17/18.

During the quarter, the trust saw profit from its net change in fair value of financial derivatives of $0.20 million, compared to a loss of $1.07 million a year ago.

The trust’s amount distributable to unitholders rose 23.3% y-o-y to $71.9 million.

As at Dec 31, 2018, the trust’s portfolio comprises 140 properties with a total value of assets under management of $7.8 billion.

Ng Kiat, CEO of the manager says, ”Amidst the volatile economic environment, we remain vigilant and focused on working closely with our tenants to maintain a stable portfolio performance. During the quarter, we have strengthened MLT’s portfolio with the acquisitions of three quality logistics facilities in Australia, South Korea and Vietnam and the divestment of a warehouse with older specifications in Singapore. We will continue to keep the momentum on portfolio rejuvenation through quality acquisitions and selective divestments.”

Units in MLT closed at $1.34 on Monday.

2019 GDP growth to ease to 'slightly above midpoint' of 1.3-3.5% forecast: MAS

SINGAPORE (Apr 26): MAS expects GDP growth to come in slightly above the mid-point of 1.3-3.5% forecast range in 2019, as growth momentum of the global economy has moderated at the turn of the year amid sluggish trade. This was according to the Guide to the Macroeconomic Review April 2019, released by the Monetary Authority of Singapore’s (MAS) Economic Policy Group on Friday morning. On the back of easing GDP growth, MAS has decided to maintain the current rate of appreciation of the SGD NEER policy band. This policy stance is consistent with a modest and gradual appreciation path of ....
Read More >>

CapitaLand Mall Trust kept at 'hold' by OCBC and Maybank on higher mall supply, soft retail sector

SINGAPORE (Apr 26): OCBC Investment Research says CapitaLand Mall Trust’s (CMT) 1Q19 results met its expectations. Gross revenue rose 10.0% y-o-y to $192.7 million while NPI jumped 11.5% to $140.1 million, forming 25.1% of its FY19 forecast. See: CapitaLand Mall Trust declares 3.6% higher DPU of 2.88 cents on higher income OCBC says Funan has already achieved high pre-commitment levels of 90%, and is on track to open in the middle of 2019 and will thus contribute to CMT’s earnings progressively from 2H19. However, the near-term outlook remains cautious given the higher supply, ....
Read More >>

Singapore's GLP plans US$3 billion IPO for its US warehouses

(Apr 26): Singapore-based GLP is planning an initial public offering (IPO) for its US operations that could raise about US$3 billion ($4.09 billion). GLP may seek to value the operations at more than US$20 billion, and the firm is said to have confidentially filed with securities regulators for the planned offering. Much of GLP’s US business stems from a 2014 deal to acquire IndCor Properties from Blackstone Group for US$8.1 billion. The offering could help GLP recoup funds after it was taken private by a management-backed consortium from the Singapore stock exchange last year. GLP ....
Read More >>