Mapletree Logistics posts fiscal 1Q net property income climbed 21 percent

Mapletree Logistics Hub Tsing Yi in Hong Kong. Credit: Mapletree Logistics TrustMapletree Logistics Hub Tsing Yi in Hong Kong. Credit: Mapletree Logistics Trust

Mapletree Logistics Trust reported Monday its net property income for the fiscal first quarter was S$144.15 million, up 21.3 percent on-year amid higher revenue from existing properties, contributions from acquisitions and the completed redevelopment of Mapletree Ouluo Logistics Park Phase 2.

The available distribution per unit (DPU) rose 5.7 percent on-year to 2.161 Singapore cents, even as the number of issued units increased 12.7 percent on-year to 4.29 billion, the trust said in a filing to SGX. Excluding divestment gains, the DPU would have risen 10.3 percent on-year to 2.119 Singapore cents, the trust said.

The amount distributable to unitholders increased 19.1 percent on-year in the quarter ended 30 June to S$92.69 million, the trust said.

In the fiscal first quarter, Mapletree Logistics Trust had 163 properties, while in the year-earlier period, it had 145 properties.

“MLT has continued to achieve a steady performance in the first quarter, underpinned by a diversified portfolio and the resilience of the logistics market,” Ng Kiat, CEO of the REIT’s manager, said in the statement.

“The resurgence of infections in the region is a concern but fortunately most of our tenants were able to keep their operations stable. We will remain focused on keeping portfolio stability while continuing to strengthen our geographic network across Asia Pacific, to deliver long term returns to unitholders,” she added.

Portfolio occupancy in the quarter improved to 97.8 percent, up from 97.5 percent in the previous quarter, the trust said, adding a positive rental reversion rate of around 2.2 percent was achieved.

In its outlook, Mapletree Logistics Trust pointed to concerns over the fast-spreading Delta variant of the Covid-19 pandemic as potentialy slowing economic reopening and recovery.

The trust focuses on Asia logistics properties, with assets in Singapore, Hong Kong, China, Japan, Australia, South Korea, Malaysia, Vietnam and India. It has assets under management of S$10.7 billion.