Mapletree Logistics Trust reported 23.7% y-o-y growth in gross revenue for 1QFY2021/22 ended June 30, 2021, a $31.4 million growth to $163.7 million.
The revenue growth was mainly due to higher revenue from existing properties, contributions from acquisitions in China, Vietnam, South Korea, Japan, Australia and India completed in FY2020/21 and completed redevelopment of Mapletree Ouluo Logistics Park Phase 2 in 1QFY2020/21.
Property expenses increased by $6.0 million, or 44.7% y-o-y, mainly due to property expenses from acquisitions completed in FY2020/21. As a result, net property income for 1QFY2021/22 increased by $25.3 million, or 21.3% y-o-y.
Borrowing costs increased by S$3.4 million or 15.7% mainly due to incremental borrowings to fund FY2020/21 acquisitions.
The amount distributable to unitholders was $92.7 million, translating to a DPU of 2.161 cents, which is 5.7% or 0.116 cents higher y-o-y. Mapletree Logistics Trust will pay a distribution of 2.161 cents per unit on Sept 7, 2021. The record date is July 28, 2021.
Cash and cash equivalents stood at $296.3 million as at the end of 1QFY2021/22, up from $239.1 million this time last year.
Total debt outstanding decreased by $38 million to $4,188 million mainly due to lower net translated foreign currency loans as JPY, HKD, AUD and MYR depreciated against SGD during the quarter. Consequently, the leverage ratio decreased slightly to 38.2% as at June 30.
Mapletree Logistics Trust started and ended 1QFY21/22 with 163 properties and assets under management of $10.7 billion, while it started and ended 1QFY20/21 with 145 properties.
Portfolio occupancy improved to 97.8%, up from 97.5% last quarter, while the weighted average lease expiry of the portfolio (by net lettable area) is stable at 3.8 years, says the REIT.
During the quarter, leases for approximately 391,517 square metres were successfully renewed or replaced, achieving a positive average rental reversion rate of around 2.2%. This was mainly attributable to Vietnam, Hong Kong SAR and Singapore.
Post quarter-end, MLT announced the proposed acquisition of a temperature-controlled warehouse in Singapore for $24.5 million. “Strategically located in close proximity to Changi Airport, it will cater to demand from users involved in high-value and time-sensitive goods such as electronics and pharmaceuticals, as well as e-commerce and third-party logistics players. Being adjacent to an existing property of MLT, it also offers the potential for economies of scale,” it adds.
“MLT has continued to achieve a steady performance in 1Q underpinned by a diversified portfolio and the resilience of the logistics market,” says Ng Kiat, Chief Executive Officer of the Manager of Mapletree Logistics Trust. “The resurgence of infections in the region is a concern but fortunately most of our tenants were able to keep their operations stable. We will remain focused on keeping portfolio stability while continuing to strengthen our geographic network across Asia Pacific, to deliver long term returns to Unitholders.”
