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MLT's Q3 DPU rises on stable portfolio performance and new acquisitions
STABLE performance and new acquisitions gave a lift to results for industrial landlord Mapletree Logistics Trust (MLT) in its third quarter.
Distribution per unit (DPU) crept up to 1.907 Singapore cents from 1.87 Singapore cents in the year-ago period, despite an enlarged unit base, the group said on Monday evening.
"The improvement in results was underpinned by a stable performance from existing properties as well as contributions from accretive acquisitions. Overall growth was partially offset by the absence of contributions from three divestments and one of two blocks under redevelopment in Ouluo Logistics Centre, China," it said.
The trust last September did an equity fundraising - which included both a private placement and a non-renounceable preferential offering on the basis of one new unit for every 10 existing units - to raise gross proceeds of S$640 million.
MLT on Monday said it will pay a distribution of 2.088 cents per unit to unitholders on Feb 28 for the period from Sept 22 when new units were issued under the private placement to Dec 31, 2017.
The books closure date is Jan 30, 2018.
For the quarter, income available for distribution climbed 24.5 per cent to S$58.3 million from the previous year. The latest distribution includes partial distribution of gains from the divestments of various properties that have been divided up into quarterly payments.
For the three months ended Dec 31, gross revenue grew 2.8 per cent to S$98.2 million from the previous year, thanks to higher contributions from existing properties in Hong Kong, one property in Hong Kong acquired in Q3 FY18 and four properties in Australia acquired in Q3 FY17.
Net property income expanded 3.9 per cent to S$83 million from the previous year.
MLT has a portfolio of 124 logistics assets in Singapore, Hong Kong, Japan, Australia, China, Malaysia, South Korea and Vietnam, with a total book value of S$6.2 billion.
Units of the trust closed two cents lower at S$1.35 on the stock market.