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Mapletree Logistics Trust's DPU rises to 1.958 Singapore cents for Q2 as revenue jumps 13.8%

Distribution per unit for Mapletree Logistics Trust (MLT) edged up to 1.958 Singapore cents from 1.887 Singapore cents for the second quarter ended Sept 30.

That came as Q2 income available for distribution jumped 32.5 per cent to S$63.9 million from the year-ago period. For the three months ended Sept 30, gross revenue grew 13.8 per cent to S$106.6 million from the year-ago period.  This was thanks to higher revenue from existing properties and acquisitions in Hong Kong.

Net property income grew 14.6 per cent to S$90.2 million from the previous year. For its first half of the year, distribution per unit crept up to 3.915 Singapore cents from 3.774 Singapore cents in the year-ago period.

H1 income available for distribution jumped 30.8 per cent to S$124.8 million from the preceding year, as gross revenue grew 11.9 per cent to S$212.1 million from the preceding year. Net property income grew 12.8 per cent to S$180.0 million. Regarding concerns over rising interest rates, trade tensions and currency market volatility, MLT said that assets in its portfolio are largely used to support domestic consumption and leasing activities have remained stable to date.

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Net asset value per unit stood at S$1.13 as at Sep 30, up from S$1.12 as at June 30, while WALE (by NLA) as at the end of the second quarter was 3.8 years, up from 3.3 years at the end of the quarter.

Its occupancy stands at 97.6 per cent as at Sep 30, up from 95.7 at the end of June, due to higher occupancies in Singapore, SouthKorea, China and Vietnam, partly offset by lower occupancy in Hong Kong. Japan, Australia and Malaysia maintained 100 per cent occupancy.Ng Kiat, Chief Executive Officer of MLT’s manager, said: “Over the past 12 months, we have gained significant momentum in our portfolio rejuvenation and recycling efforts, thereby increasing the proportion of modern-specs properties in MLT’s portfolio, especially in our core markets with growth potential.

We will continue to build on this momentum to future-proof our portfolio." Its properties include 139 logistics assets in Singapore, Hong Kong, Japan, China, Australia, South Korea, Malaysia and Vietnam with a total book value of S$7.6 billion.MLT units ended S$0.01 or 0.8 per cent up at S$1.23 on Monday.