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Mapletree Logistics Trust posts 4.5% rise in Q4 DPU
MAPLETREE Logistics Trust (MLT) on Friday posted a 4.5 per cent rise in distribution per unit (DPU) to 2.024 Singapore cents for the fourth quarter ended March 31, bringing total DPU for the year to 7.941 cents.
Unitholders can expect to receive their fourth-quarter DPU on June 13.
The results came on the back of higher revenue and net property income (NPI), driven by contributions from completed redevelopment projects, 76 Pioneer Road in Singapore and Ouluo Logistics Park Phase 1 in China, as well as accretive acquisitions.
Gross revenue rose 13 per cent year-on-year to S$121.4 million, while NPI grew 15 per cent to S$105 million. The amount distributable to unitholders rose 23.8 per cent to S$73.3 million for the quarter.
MLT added that overall growth was partly offset by the absence of revenue from two divestments completed during the year.
For the year, gross revenue was up 15 per cent to S$454.3 million and NPI increased 16.7 per cent to S$389.5 million. Amount distributable to unitholders grew 26.8 per cent to S$270 million, while full-year DPU improved 4.2 per cent year-on-year.
Ng Kiat, CEO of Mapletree Logistics Trust Management, noted that the trust manager has had a busy year, and post year-end divested five older properties with limited growth potential in Japan as part of its portfolio rejuvenation strategy.
"We will continue to work on improving the quality of the portfolio and drive leasing and asset management to deliver sustainable returns," she said.
MLT's assets under management increased by S$1.5 billion to S$8 billion on acquisitions, capital expenditure and net appreciation in investment properties, mainly in properties in Hong Kong. Its portfolio occupancy improved to 98 per cent from a year ago, mainly due to higher occupancies in Singapore, Hong Kong and South Korea.
MLT noted that global economic growth has weakened amid a slowdown in international trade and manufacturing, which may have a negative impact on warehouse space demand. It said its diversified portfolio, large tenant base and well-staggered lease expiries would provide resilience in the portfolio.