The manager of Mapletree Logistics Trust (MLT) has announced distribution per unit (DPU) of 2.161 cents for the 4QFY2020/2021 ended March on an enlarged base, 5.5% higher than DPU of 2.048 cents in the corresponding period the year before.
This brings DPU for the FY2020/2021 to 8.326 cents, 2.3% higher than DPU of 8.142 cents for the FY2019/2020.
Distributable income for the 4QFY2021/2021 increased 18.9% y-o-y to $92.6 million, which includes distribution of the gains from the divestments of Mapletree Waigaoqiao Logistics Park, five properties in Japan and 7 Tai Seng Drive.
FY2020/2021 distributable income increased 10.4% y-o-y to $333.1 million.
Gross revenue for the 4QFY2020/2021 increased 22.6% y-o-y to $157.0 million, while FY2020/2021 gross revenue grew 14.3% y-o-y to $561.1 million.
The growth in 4QFY2020/2021 and FY2020/2021 revenue was mainly due to contribution from existing properties as well as acquisitions in Vietnam, South Korea, Japan, Australia and China that were completed in FY2019/2020 and FY2020/2021.
The completed redevelopment of Mapletree Ouluo Logistics Park Phase 2 in 1QFY2020/2021 also contributed to the higher gross revenue.
The figure was partly offset by rental rebates granted to eligible tenants impacted by the Covid-19 pandemic.
For the FY2020/2021, impact of currency fluctuations is mitigated through the use of foreign currency forward contracts to hedge the foreign-sourced income distributions.
4QFY2020/2021 property expenses increased by 52.6% y-o-y to $20.3 million due to property expenses from acquisitions completed in FY2019/2020 and FY2020/2021 as well as recognition of allowance for doubtful receivables.
As a result, net property income (NPI) for the 4QFY2020/2021 increased 19.1% y-o-y to $136.7 million.
Property expenses for the FY2020/2021 increased by 18.8% y-o-y to $62.0 million, while NPI for the FY2020/2021 grew by 13.8% y-o-y to $499.1 million.
As at March 31, MLT’s assets under management (AUM) increased by $1.9 billion y-o-y to $10.8 billion, largely due to $1.6 billion in acquisitions and capital expenditure and $184 million net appreciation in investment properties in Hong Kong, Japan and South Korea.
Net asset value (NAV) per unit of MLT rose 9.9% to $1.33 from $1.21 a year ago.
As at end-March, MLT’s portfolio occupancy improved 0.4 percentage points to 97.5% due to higher occupancies in Hong Kong, South Korea and China.
The REIT’s weighted average lease expiry (WALE) stood at 3.6 years by net lettable area (NLA).
In its outlook statement, overall leasing demand in MLT’s markets is expected to remain resilient. The markets in Singapore and Hong Kong are likely to remain stable while the Chinese market is expected to remain resilient.
Unitholders can expect to receive their distributions on April 29.
Units in MLT closed 2 cents lower or 1.0% down at $1.96 on April 21.
