Mapletree Logistics Trust Q2 DPU inches up to S$0.01816

[SINGAPORE] The manager of Mapletree Logistics Trust ( MLT ) on Wednesday (Oct 28) posted a distribution per unit (DPU) of S$0.01816 for its second quarter ended Sep 30, up 0.1 per cent from S$0.01815 for the year-ago period.

Distributable income grew 0.9 per cent to S$93.3 million, from S$92.5 million previously.

Revenue rose 1.4 per cent to S$180 million, from S$177.5 million a year earlier. Net property income rose 1 per cent to S$154.8 million from S$153.3 million.

The increase was largely driven by contributions from the trust’s Singapore redevelopment project and India acquisition, as well as organic growth from its existing portfolio, said the manager.

The Q2 distribution will be paid out on Dec 17, after the record date of Nov 5.

For the six months ended Sep 30, MLT’s DPU edged up 0.1 per cent to S$0.03632, from S$0.03627 a year earlier. Distributable income for H1 rose 1 per cent year on year to S$186.3 million.

Revenue increased 1.1 per cent year on year to S$358.9 million, while net property income grew 1.5 per cent to S$311.2 million.

MLT’s portfolio occupancy stood at 96.4 per cent as at Sep 30, supported by “resilient leasing demand”.

Average rental reversion remained positive at 2.1 per cent, or 4.2 per cent excluding China. Rental reversion in China was minus 1.7 per cent, compared with minus 1.8 per cent in the preceding quarter.

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The portfolio’s weighted average lease expiry stood at 2.5 years.

In a separate bourse filing, MLT announced plans to redevelop two adjacent properties at 9 and 15 Changi South Street 2 into a five-storey, Grade A ramp-up warehouse, at an estimated development cost of S$141 million.

The redevelopment will increase the properties’ combined gross floor area by 34 per cent to almost 500,000 square feet.

Located within the Changi (South) International LogisPark, the facility will feature direct ramp access to every floor, larger floor plates, and wider ramps and driveways that can accommodate 45-foot container trucks.

The redevelopment works are expected to commence in Q1 2027 and be completed in Q2 2029.

Looking ahead, the manager cautioned that “geopolitical tensions, elevated energy prices and persistent inflationary pressures” could weigh on the global economic outlook.

“Interest rates could remain higher for longer, while currency volatility and higher borrowing costs are expected to remain headwinds to MLT’s financial performance. A broader macroeconomic slowdown could also moderate demand for logistics space,” it added.

Units of MLT ended Wednesday 0.9 per cent or S$0.01 lower at S$1.07, before the announcements.