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Mapletree Logistics Trust Q1 DPU up 3.7% on enlarged unit base

MAPLETREE Logistics Trust's (MLT) distribution per unit (DPU) for the first quarter ended June 30 increased 3.7 per cent to 1.957 Singapore cents due to an enlarged unit base. 

Revenue for Q1 FY18/19 grew 10.1 per cent year-on-year to S$105.44 million, while net property income saw an 11.1 per cent rise in tandem to S$89.8 million.

"These results reflect improved performance from MLT's existing portfolio as well as contributions from the recent two acquisitions in Hong Kong," the trust said. Meanwhile, the amount distributable to unitholders rose 29.1 per cent year-on-year to S$60.92 million for the quarter.

The total value of its 134 assets under management as at June 30 was S$6.8 billion.

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During the quarter, leases for 173,682 square metres (sqm) out of 199,280 sqm due for expiry in Q1 FY18/19 were successfully renewed or replaced, representing a success rate of 87 per cent.

The portfolio achieved a positive average rental reversion rate of around 2 per cent for the quarter, while the weighted average lease expiry (by net lettable area) of the portfolio is about 3.3 years.

Portfolio occupancy rate stood at 95.7 per cent as at June 30, down from 96.6 per cent in the previous quarter due to a lower occupancy rate in China. 

On June 5, MLT announced an advanced distribution of 1.398 cents per unit for the period from Apr 1 to June 4, which will be paid on Aug 31. On Sep 3, MLT will pay a distribution of 0.559 cent per unit for the period June 5 to June 30.