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Mapletree Logistics Trust to pay out 1.87 cents in Q3 DPU

Mapletree Industrial Trust (MIT) posted a distribution per unit of 2.82 cents in the third quarter, up 5.6 per cent from 2.67 cents a year ago.

MAPLETREE Logistics Trust (MLT) reported a distribution per unit (DPU) of 1.87 cents for the third quarter ended Dec 31, 2015, unchanged from a year ago, buoyed by divestment gains from the sale of two industrial properties.

Excluding the partial distribution of the divestment gains amounting to S$1.5 million, the DPU for the quarter would have been lower at 1.81 cents, amid higher borrowing costs and property expenses.

Gross revenue grew 7.3 per cent from a year ago to S$88.9 million while net property income rose 6.7 per cent to S$74.1 million due to an enlarged portfolio and stronger performance in Hong Kong.

"Through active lease and asset management, we have renewed or replaced most of the leases expiring this year, thereby maintaining a high portfolio occupancy of 96.9 per cent," said Ng Kiat, CEO of MLT's manager Mapletree Logistics Trust Management.

"The recent divestments of two properties in Singapore have realised a total net divestment gain of S$10 million which we will be distributing to unitholders over four to eight quarters, starting from Q3 FY16," he added. "We will continue with our active asset management strategy to maintain stable occupancy and to achieve organic growth from our portfolio."