Mapletree Logistics Trust fiscal 3Q net property income rose nearly 26 percent

Singapore 50 dollar bill

Mapletree Logistics Trust reported on Monday its fiscal third quarter net property income rose 25.9 percent on-year to S$104.49 million on contributions from new acquisition and a recently completed redevelopment project.

Gross revenue for the three months ended 31 December rose 23.0 percent on-year to S$120.79 million, it said in a filing to SGX after the market close on Monday.

The distribution per unit (DPU) for the quarter was 2.002 Singapore cents, up 5.0 percent on-year from 1.907 Singapore cents in the year-ago quarter, it said.

“The robust performance was driven by organic growth from the existing portfolio, initial contribution from the recently completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 in China, as well as contributions from accretive acquisitions,” Mapletree Logistics Trust Management (MLTM), the trust’s manager, said in the filng. “Overall growth was partially offset by the absence of contribution from one property divested during the year.”

Daiwa had estimated DPU of 1.94 Singapore cents, up 1.8 percent on-year, with revenue of S$122.50 million, up 24.7 percent on-year, and net property income of S$105.5 million, up 27.0 percent on-year.

Property expenses for the fiscal third quarter rose 7.3 percent on-year to S$16.30 million due to acquisitions and higher operation and maintenance expenses, it said.

Portfolio occupancy for the quarter was 97.7 percent, compared with 97.6 percent in the second quarter, MLT said.

In the outlook, Ng Kiat, CEO of MLTM, said the trust was “vigilant” amid a volatile economic environment and was working with tenants to keep portfolio performance stable.

“During the quarter, we have strengthened MLT’s portfolio with the acquisitions of three quality logistics facilities in Australia, South Korea and Vietnam and the divestment of a warehouse with older specifications in Singapore. We will continue to keep the momentum on
portfolio rejuvenation through quality acquisitions and selective divestments,” she said in the statement.

For the nine-month period, the trust reported net property income rose 17.3 percent on-year to S$284.48 million and gross revenue increased 15.7 percent on-year to S$332.88 million. The DPU for the nine-month period was 5.917 Singapore cents, up 4.2 percent on-year from 5.681 Singapore cents in the year-ago period, the trust said.

As on 31 December, MLT’s portfolio has 140 properties, with the value of assets under management at S$7.8 billion, it said.

Get the Shenton Wire morning briefing in your inbox