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Mapletree Logistics Trust (MLT) reported a 1.1 per cent drop in distribution per unit (DPU) to 1.86 Singapore cents for the second quarter ended September 2015 from 1.88 Singapore cents a year ago.
The lower DPU was led by higher borrowing costs, tax, management fees and absence of distribution from the divestment gain coupled with the enlarged issued unit base due to the Reit's implementation of the distribution reinvestment plan.
Borrowing costs climbed 31 per cent to S$10.5 million over the quarter mainly due to incremental borrowings to fund acquisitions and capex.
Gross revenue rose 7 per cent to S$87.5 million from S$82 million while net property income was up 6 per cent to S$73 million as contributions from acquisitions kicked in alongside organic growth from the existing portfolio.