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Amount distributable to unitholders climbed 10.2% year-on-year to $84.4 million from $76.6 million previously.
Mapletree Logistics Trust (MLT) saw its distribution per unit (DPU) for the third quarter ended 31 December 2020 increase 1% to 2.065 cents, on an enlarged unit base following its equity fund raising that was completed in Q3, its manager announced on Monday (25 January).
Amount distributable to unitholders climbed 10.2% year-on-year to $84.4 million from $76.6 million previously.
Gross revenue for rose 15.5% year-on-year to $139.9 million, mainly due to contributions from accretive acquisitions that was completed in FY2019/2020 and FY2020/2021, higher revenue from existing properties and contribution from completed redevelopment project in Shanghai, Ouluo Logistics Park Phase 2.
Net property income grew 14.9% year-on-year to $124.7 million.
As at 31 December 2020, MLT’s portfolio occupancy stood at 97.1%, while weighted average lease expiry by net lettable area is around 3.7 years.
“Excluding the recently acquired Higashi Hiroshima Centre in Japan which is 33% occupied, portfolio occupancy would be 97.4%,” said the trust’s manager.
It revealed that leases for around 266,483 sq m of space were renewed or replaced during the quarter, with an average rental reversion of around 1.6%.
Aggregate leverage fell to 36.8% from 39.5% in the previous quarter, while the weighted average borrowing cost stayed at 2.2% per annum.
Following its acquisitions in China, Australia, Japan and Vietnam, MLT’s portfolio comprises 156 properties with a value of $10.2 billion as at 31 December 2020.
Looking ahead, the manager said it will focus on proactive asset management as well as maintaining stable occupancies.
“Our Q3 results once again demonstrate the continued resilience of our tenant base and a geographically diversified portfolio. Fortunately, most of our tenants were able to keep their operations stable,” said Ng Kiat, CEO of MLT’s manager.
“However we remain watchful, with the resurgence of virus infections causing disruptions across various cities. We will continue to build and strengthen our geographic network across Asia Pacific, to deliver long term returns to unitholders.”
A distribution of 1.442 cents per unit will be paid to unitholders on 15 March 2021 for the period from 29 October 2020, when new units were issued under the private placement launched on 20 October 2020, to 31 December 2020.
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