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Mapletree Logistics Trust's Q4 DPU dips on higher borrowing costs

MAPLETREE Logistics Trust on Monday reported a 2.1 per cent drop in distribution per unit (DPU) to 1.85 Singapore cents for its fourth quarter ended March 31, 2015. It had paid 1.89 Singapore cents a year ago.

The lower DPU was partly due to higher borrowing costs on the back of incremental borrowings to fund acquisitions and capital expenditure, it said.

Gross revenue rose 5.7 per cent to S$84.7 million, while net property income rose 2.9 per cent to S$70.3 million.

The increases were because of an enlarged portfolio, contribution from Mapletree Benoi Logistics Hub and higher contribution from the Reit's existing assets.

Still, the quarter's performance was partially impacted by downtime at several Singapore properties that were converted from single-user to multi-tenanted buildings during the year.

"The conversions led to lower occupancy and revenue at these properties during the transition, and higher property expenses. This contributed to a slower pace in growth of net property income as compared to gross revenue," the Reit said.

Portfolio occupancy ended the year at 96.7 per cent, compared to 98.3 per cent a year ago.

The Reit will pay its 1.85 Singapore cent DPU on May 29, 2015. The books closure date is on April 28, 2015.

The Reit added one cent to finish at S$1.255 on the stock market on Monday.