SINGAPORE (Jan 23): The manager of Mapletree Logistics Trust (MLT) has announced a stable Distribution Per Unit (DPU) of 1.87 Singapore cents for the 3Q ended Dec 31, 2016 and 5.58 Singapore cents for the nine months year-to-date, both unchanged from a year ago.

Gross revenue for 3Q grew 7% to S$95.5 million (RM298.8 million) from a year ago, while net property income (NPI) rose 8% to S$79.9 million.

The growth in revenue and NPI was mainly driven by contributions from acquisitions, asset enhancement/redevelopment projects completed last year and a stronger performance in Hong Kong, partially offset by lower contributions from certain properties in Singapore and South Korea.

The amount distributable to unitholders was S$46.8 million, up 1% from the same period last year, while DPU remained unchanged at 1.87 Singapore cents due to an enlarged unitholder base.

Similarly, the results for nine months to end December were stable compared to the prior year, with an amount distributable to unitholders of S$139.5 million and DPU of 5.58 Singapore cents.

In its outlook, the manager says the leasing environment remains challenging with continued pressure on occupancy and rental rates, given the uncertain economic outlook.

“Nevertheless, MLT’s diversified portfolio, large tenant base and well-staggered lease expiry profile should provide resilience to the portfolio,” it added.

As at end Dec, MLT’s portfolio comprised 128 properties with a book value of S$5.5 billion and a gross floor area of 3.6 million square metres (sqm). Of the 128 properties, 51 are in Singapore, 22 in Japan, 8 in Hong Kong, 15 in Malaysia, 9 in China, 11 in South Korea, 9 in Australia and 3 in Vietnam.

Units of MLT closed flat at S$1.06. — theedgemarkets.com.sg

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