Mapletree Logistics Trust posts 5% rise in Q1 DPU to S$0.02268

MAPLETREE Logistics Trust (MLT) on Thursday (Jul 21) reported a distribution per unit (DPU) of S$0.02268 for the first quarter ended Jun 30, up 5 per cent from DPU of S$0.02161 in the year-ago period.

Amount distributable to unitholders rose 17.2 per cent to S$108.6 million in Q1.

Gross revenue was up 14.6 per cent to S$187.7 million; net property income (NPI) nudged up 13.2 per cent to S$163.2 million.

The improved performance came mainly from higher revenue from existing properties and contributions from the acquisitions in China, South Korea, Japan, Vietnam, Malaysia and Australia, which were completed last year and in the first quarter of this year, said the manager.

The Q1 distribution will be payable on Sep 9, following the record date on Jul 29.

As at end-June, MLT’s portfolio comprised 185 properties with a total value of S$13 billion.

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As at end-June, MLT’s gearing ratio was 37.2 per cent, and it had a well-staggered debt-maturity profile, with an average debt duration of 3.7 years.

In its outlook statement, the manager said the global economic environment remained highly uncertain because of Russia’s ongoing invasion of Ukraine, high inflation and rising interest rates.

Nevertheless, overall leasing demand for warehouse space has “stayed resilient”, supported by domestic consumption, e-commerce and inventory stockpiling, though customers are “generally cautious” about capacity expansion.

The manager’s focus in the months ahead is on driving revenue growth from the existing portfolio through proactive leasing efforts. It will also continue pursuing opportunities for DPU-accretive acquisitions, asset enhancements or divestment to enhance portfolio competitiveness and create value.

Units of MLT closed Thursday at S$1.71 before it unveiled its results, down S$0.01 or 0.6 per cent.