Overall occupancy rate improved to 97.0% and the weighted average lease expiry (by net lettable area) was 3.1 years as at 31 March 2023. In 4Q FY22/23, leases for approximately 562,400 sq m were due for expiry, of which 90% were successfully renewed or replaced. The portfolio achieved a positive average rental reversion of 3.1%, contributed by renewal or replacement leases from across almost all of MLT’s markets.
Mapletree Logistics Trust’s (SGX:M44U
) 4QFY2023 distribution per unit (DPU) was unchanged y-o-y at 2.268 cents, while DPU was up 2.5% y-o-y to 9.011 cents in FY2023, for the 12 months to March 31. The amount of income support during the year was $1.092 million. Excluding income support, 4Q2023 DPU would be 2.245 cents and FY2023 DPU would be at 8.764 cents.
Although 4Q2023 revenue and NPI fell by 2.2% and 1.8% y-o-y respectively, due to the depreciation of the RMB, yen, Korean Won and Australian dollar as well as higher borrowing costs, DPU was flat due to benefits of foreign currency forward contracts to hedge distributable income, and distribution of $2.868 million of gains from the disposal of 3 Changi South Lane. Hence, in 4Q2023, the distributable income was up 1.1% y-o-y to $109.2 million.
