THE manager of Mapletree Logistics Trust (MLT) has reported distribution per unit (DPU) of S$0.02268 for the fourth quarter ended March, up 5 per cent from DPU of S$0.02161 in the year-ago period, despite an enlarged unit base.

Amount distributable to unitholders rose 16.7 per cent to S$108 million in Q4.

Gross revenue was up 16.5 per cent to S$182.9 million, while net property income (NPI) was 14.9 per cent higher at S$157.1 million.

The improved performance was mainly due to higher revenue from existing properties, contributions from accretive acquisitions completed,and lower rental rebates granted to eligible tenants impacted by Covid-19.

The Q4 distribution will be payable on Jun 21, following the record date on May 10.

This brings full year DPU to S$0.08787, some 5.5 per cent higher than a year ago.

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Gross revenue climbed 20.9 per cent to S$678.6 million for FY21/22 and NPI rose 18.6 per cent to S$592.1 million.

“FY21/22 was very active year on the investment front. We added 20 well-located modern logistics assets across 7 markets spanning over 15 million square feet (sq ft), which has significantly deepened our regional network presence,” said Ng Kiat, chief executive officer of the real estate investment trust (Reit) manager.

MLT’s assets under management increased by S$2.3 billion year-on-year to S$13.1 billion as at end March.

Some S$1.8 billion of the increase was attributed to acquisitions and capital expenditure, while S$572 million was on the back of net appreciation in investment properties.

MLT’s net asset value (NAV) per unit rose 11.3 per cent to S$1.48 as at end March, from S$1.33 a year ago.

“Amidst growing economic headwinds, we will stay focused on maintaining stable operations, while driving our portfolio rejuvenation strategy to strengthen MLT’s resilience and add value to the portfolio,” Ng said.

The Reit manager added that it remains watchful of the evolving environment and keeps its focus on proactive lease management to maintain stable occupancies.

Overall occupancy rate for the portfolio stood at 96.7 per cent, with a weighted average lease expiry by net lettable area of 3.5 years as at Mar 31.

Leases for approximately 377,600 sq m of space were renewed or replaced in Q4, with an average rental reversion of 2.9 per cent.

MLT’s gearing ratio stood at 36.8 per cent as at end March, with an average debt duration of 3.8 years.

The manager added that 79 per cent of MLT’s total debt has been hedged into fixed rates.

Units of MLT closed flat at S$1.78 on Thursday (Apr 28), before the announcement.