Mapletree Logistics Trust reports fiscal 4Q net property income rose 15 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 Thursday its fiscal fourth quarter net property income rose 14.9 percent on-year to S$157.1 million, mainly on higher revenue from existing properties, contributions from acquisitions and lower rental rebates to tenants impacted by the pandemic.

Gross revenue for the three months ended 31 March increased 16.5 percent on-year to S$182.87 million, the REIT said in a filing to SGX.

The distribution per unit (DPU) for the fiscal fourth quarter came in at 2.268 Singapore cents, up 5 percent from 2.161 Singapore cents in the year-ago quarter, the REIT said. The number of units at quarter-end was 4.78 billion, up 11.7 percent from 4.28 billion in the year ago period, the filing said.

“FY21/22 was very active year on the investment front. We added 20 well-located modern logistics assets across seven markets spanning over 15 million square feet, which has significantly deepened our regional network presence,” Ng Kiat, CEO of the REIT’s manager, said in the statement.

“Amidst growing economic headwinds, we will stay focused on maintaining stable operations, while driving our portfolio rejuvenation strategy to strengthen MLT’s resilience and add value to the portfolio,” she said.

The REIT noted that despite a weaker global economic outlook — including risks from Russia’s invasion of Ukraine, rising interest rates and inflation and supply-chain disruptions — overall leasing demand for MLT’s markets has been resilient.

The fourth quarter portfolio started with 167 properties and ended with 183 properties, the filing said, noting the year-earlier quarter started with 156 properties and ended with 163.

For the full fiscal year, Mapletree Logistics Trust reported net property income rose 18.6 percent on-year to S$592.14 million on gross revenue of S$678.55 million, up 20.9 percent on-year. The full-year DPU came in at 8.787 Singapore cents, up 5.5 percent from 8.326 Singapore cents in the previous year, the filing said.

Portfolio occupancy was at 96.7 percent, while rental reversions were positive 2.9 percent, the REIT said.

Read more details of Mapletree Logistics Trust’s results.