SINGAPORE (Apr 26): The manager of Mapletree Logistics Trust (MLT) announced a 4.5% increase in 4Q19 DPU to 2.024 cents, compared to 1.937 cents in 4Q18.
Amount distributable to unitholders was 23.8% higher at $73.3 million from $59.2 million last year.
As at end-1Q19, there were about 3.6 million units issued, 18.4% higher than about 3.1 million units issued in the previous year.
On a final year basis, FY19 DPU was 7.941 cents, 4.2% higher than 7.618 cents in FY18.
Gross revenue for the quarter came in at $121.4 million, 13.0% higher than $107.5 million a year ago, mainly contributed from the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 in 2Q19, acquisitions in Hong Kong completed in FY18 and acquisitions in Singapore, Australia, Korea and Vietnam completed in FY19.
The growth in revenue was partly offset by absence of revenue from two divestments completed in FY19.
As property expenses increased 1.2% y-oy- to $16.4 million, net property income (NPI) increased by 15.0% to $105.0 million from $91.3 million last year.
Interest income increased more than tenfold to $2.3 million from $0.2 in the previous year, while other trust income surged 81.7% y-o-y to $9.3 million.
As at Mar 31, the trust’s assets under management (AUM) increased by $1.5 billion to $8.0 billion. Portfolio occupancy improved to 98.0% from 96.6% last year.
Ng Kiat, CEO of the manager says, “We cap off a busy year with continued growth in 4Q to deliver a higher full year DPU of 7.941 cents. 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.”
Units in MLT closed 1.37% higher at $1.48 on Friday.
