Mapletree Logistics Trust sees 1.1% increase in Q4 FY22/23 distributable income
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Benjamin Cher
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MAPLETREE Logistics Trust (MLT) reported a 1.1 per cent increase in the fourth quarter of FY22/23 distributable income to S$109.2 million, from S$108 million in Q4 FY22/21.
But distribution per unit (DPU) for the quarter remained flat at S$0.2268, similar to the year prior.
Gross revenue for Q4 FY22/23 also fell 2.2 per cent to S$178.9 million from S$182.9 million in Q4 FY22/23. This was mainly driven by the depreciation of foreign currencies to the Singapore dollar, and was mitigated by contributions from acquisitions.
As a result, net property income for the quarter also fell 1.8 per cent to S$154.3 million, from S$157.1 million the year prior.
MLT’s FY22/23 DPU rose 2.5 per cent to S$0.09011 from S$0.08787 in FY21/22.
Distributable income in FY22/23 increased 10.8 per cent to S$432.9 million, from S$390.7 million in FY21/22
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Gross revenue for the year grew 7.7 per cent to S$730.6 million from S$678.6 million the year prior. This was driven by higher revenue from existing properties and full-year contributions from acquisitions.
The growth was offset by depreciation of foreign currencies to the Singapore dollar.
As a result, FY22/23 net property income rose 7.2 per cent to S$634.8 million from S$592.1 million in FY21/22.
“Underpinned by our portfolio of quality assets, MLT’s performance has remained resilient and stable,” said Ng Kiat, chief executive officer of the manager.
MLT has an occupancy rate of 97 per cent as at Mar 31. Its customers are cautious on renewals and expansion, being slower to commit amid the uncertain global economic outlook and rising inflation.
About 84 per cent of total debt has been hedged into fixed rates and 77 per cent of MLT’s income stream for the next 12 months have been hedged into Singapore dollars.
As at Mar 31, MLT’s gearing stands at 36.8 per cent, with an average debt duration of 3.8 years.
“Headwinds from high borrowing costs and weakening regional currencies against the Singapore dollar will continue to impact our performance for a while,” said Ng.
Units of MLT last closed unchanged at S$1.74 on Friday (Apr 28). (*see amendment note)
*Amendment note: A previous version of this story incorrectly stated that units of MLT closed at S$2.38 on April 28.
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