Mapletree Logistics Trust reported Monday its fiscal second quarter net property income grew 21.5 percent on-year to S$144.45 million on higher revenue from existing properties, contributions from accretive acquisitions completed in the previous year and higher occupancy at Mapletree Ouluo Logistics Park Phase 2, which completed redevelopment in the year-ago first quarter.
Gross revenue for the quarter ended 30 September increased 25.2 percent on-year to S$165.07 million, the trust said in a filing to SGX.
The fiscal second quarter available distribution per unit (DPU) rose 5.7 percent on-year to 2.173 Singapore cents, on an enlarged unit base due to equity fund-raising, compared with 2.055 Singapore cents in the year-ago period, the filing said.
The year-earlier DPU had included divestment gains of S$4.7 million, compared with fiscal second quarter’s S$1.8 million, the filing said.
Excluding divestment gains, the adjusted DPU would be 2.131 Singapore cents, up 10.4 percent from 1.931 Singapore cents in the year-ago period, the filing said.
The fiscal second quarter and first half started and ended with 163 properties, while the year-ago periods started with 145 properties and ended with 146, the filing said.
Portfolio occupancy was stable at 97.8 percent, Mapletree Logistics Trust said. The trust reported a positive average rental reversion of around 2.4 percent, helped by renewal or replacement leases across all markets.
For the fiscal first half, net property income rose 21.4 percent on-year to S$288.60 million, gross revenue increased 24.4 percent on-year to S$328.80 million and available DPU rose 5.7 percent on-year to 4.334 Singapore cents, compared with 4.10 Singapore cents in the year-ago period.
The trust will pay a distribution of 2.173 Singapore cents on 14 December for the 1 July to 30 September period.
In its outlook, Mapletree Logistics Trust noted the resurgence of Covid-19 infections has hampered the region’s recovery and has caused supply chain disruptions.
But it added, “As a whole, the logistics sector remains open for business across our markets. MLT’s tenants continue to operate with minimal disruptions to their operations. Overall demand for warehouse space in our markets has been resilient, while rents and occupancy rates are stable. The manager will continue working closely with our tenants to provide targeted support where needed.”
The REIT’s manager said it would work to optimise yield from the existing portfolio while pursuing investment opportunities.