Singapore-listed Industrial REIT Mapletree Logistics Trust (MLT)(SGX:M44U) has reported a 7 per cent year-on-year growth in Distribution per Unit (DPU) for its third quarter and nine months ended 31 December 2013.

Positive rental reversions in Singapore bolstered gross revenue for 3Q FY13/14.

The growth in DPU has come about despite a marginal drop of 0.2 per cent in property income and lower revenue from its Japan portfolio arising from a weaker Japanese Yen. Excluding foreign exchange impact, gross revenue would have increased by S$3.7 million or 5 per cent, mainly due to positive rental reversions in Singapore and Hong Kong, and contributions from two acquisitions
completed in the past year.

Amount distributable to unit holders increased by 8 year-on-year TO S$45.0 million. However these results include the partial distribution of the net gain from the divestment of 30 Woodlands Loop amounting to S$0.6 million in amount distributable, or about 0.025 cents per unit. Excluding divestment gain, both amount distributable to unit holders and DPU would have reported a 6 per cent increase to S$44.4 million and 1.82 cents respectively.

As at 31 December 2013, MLT’s portfolio comprised 111 properties, with a book value of S$4.1 billion and a gross floor area of approximately 2.9 million square metres. Portfolio occupancy for the quarter slipped to 98.4 per cent as compared to 98.7 per cent in the previous quarter.

Units of MLT closed the trading the day about 1.5 per cent to end at S$1.03 on the Singapore Exchange.