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Mapletree Logistics Trust’s (MLT) distribution per unit (DPU) for the fourth quarter ended 31 March increased 4.5 percent to 2.024 Singapore cents, leading to a full-year DPU of 7.94 Singapore cents.
This comes as gross revenue and net property income jumped 13 percent and 15 percent to $121 million and $105 million respectively.
In an SGX filing, MLT attributed the improved performance mainly to contributions from completed redevelopment projects, 76 Pioneer Road in Singapore and Ouluo Logistics Park Phase 1 in China, as well as accretive acquisitions.
It noted that overall growth was partly offset by the “absence of revenue from two divestments completed during the year”.
On an annual basis, gross revenue and net property income rose 15 percent and 16.7 percent to $454 million and $389 million respectively.
“We cap off a busy year with continued growth in Q4 to deliver a higher full year DPU of 7.941 cents,” said Ng Kiat, chief executive officer of the trust’s manager.
“Post year-end, we divested five older properties in Japan with limited growth potential as part of our portfolio rejuvenation strategy. We will continue to work on improving the quality of the portfolio and drive leasing and asset management to deliver sustainable returns.”
MLT’s assets under management grew by $1.5 billion year-on-year to $8 billion as at end-March, while portfolio occupancy improved to 98 percent from 96.6 percent a year ago mainly due to higher occupancies in Singapore, South Korea and Hong Kong.
MLT revealed that it will pay “a distribution amounting to 2.024 cents per unit on 13 June, covering the period of 1 January to 31 March”.
“The closure date of the books is on 7 May,” it said.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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