Mapletree Logistics Trust reports fiscal 4Q net property income rose, missing Daiwa forecast

Mapletree Logistics Trust reported Friday its fiscal fourth quarter net property income climbed 15.0 percent on-year to S$104.99 million on organic growth and acquisitions. But the results missed a forecast from Daiwa.

“The improved performance was mainly driven by contributions from completed redevelopment projects (76 Pioneer Road in Singapore and Ouluo Logistics Park Phase 1 in China), as well as accretive acquisitions. Overall growth was partly offset by absence of revenue from two
divestments completed during the year,” the trust said.

Gross revenue for the quarter ended 31 March increased 13.0 percent on-year to S$121.39 million, the trust said in a filing to SGX.

The distribution per unit (DPU) was 2.024 Singapore cents for the quarter, up 4.5 percent from 1.937 Singapore cents in the year-ago quarter, the filing said.

Daiwa had forecast net property income of S$108.9 million on revenue of S$127 million, with a DPU of 2.05 Singapore cents.

Occupancy for the portfolio was at 98.0 percent at end-quarter, up from 96.6 percent in the year-earlier period, on improvements in Hong Kong, Singapore and South Korea, the filing said.

For the full year, Mapletree Logistics Trust reported net property income rose 16.7 percent on-year to S$389.47 million on gross revenue of S$454.26 million, up 15 percent; the full-year DPU was 7.941 Singapore cents up 4.2 percent from 7.618 Singapore cents the previous year.

In its outlook, the trust pointed to concerns weakening global economic growth and a slowdown in international trade and manufacturing could dent demand for warehouse space. But it added that its diversified portfolio, large tenant base and staggered lease expiries should provide resilience.

As of quarter-end, Mapletree Logistics Trust’s portfolio has 141 properties, including 52 in Singapore, nine in Hong Kong, 20 in Japan, 10 in Australia, 12 in South Korea, 20 in China, 14 in Malaysia, and four in Vietnam.


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