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Mapletree Logistics Trust DPU up 5% to 2 Singapore cents
MAPLETREE Logistics Trust's distribution per unit (DPU) was up 5 per cent year on year at two Singapore cents for the third quarter ended Dec 31, 2018, compared to 1.9 Singapore cents in the year-ago period. Income distributable to unitholders for the quarter was S$71.9 million, up 23.3 per cent from S$58.3 million in the year-ago period, according to results out on Monday evening.
Net property income was up 25.9 per cent at S$104.5 million, on the back of a 23 per cent rise in gross revenue to S$120.8 million. The performance was driven by organic growth from the existing portfolio, initial contribution from the recently completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 in China, and contributions from accretive acquisitions.
Noting the acquisition of logistics facilities in Australia, South Korea and Vietnam during the quarter, as well as the divestment of a warehouse with older specifications in Singapore, the trust manager's chief executive officer Ng Kiat said: "We will continue to keep the momentum on portfolio rejuvenation through quality acquisitions and selective divestments."
As at Dec 31, the real estate investment trust's (Reit) portfolio comprises 140 properties with a total value of assets under management of S$7.8 billion. Portfolio occupancy held steady at 97.7 per cent as at Dec 31, compared with 97.6 per cent in the previous quarter. The Reit's weighted average lease expiry by net lettable area is about 3.8 years. For leases renewed during the quarter, the rentals achieved were on average 4.5 per cent higher than the preceding rental rates.
Against the backdrop of a weakening global economic outlook and tightening financial conditions, the Reit noted that about 85 per cent of its total debt has been hedged into fixed rates, while approximately 88 per cent of the income stream for the current financial year has been hedged.
Mapletree Logistics Trust units closed unchanged at S$1.34 on Monday before the results release.