Singapore-listed industrial REIT Mapletree Logistics Trust (MLT)(SGX:M44U) posted a distribution per unit of 1.89 Singapore cents for its 4Q 13/14. The figure represents a 9.2% increase over the 1.73 Singapore cents posted for the corresponding period last year.

The results come on the back of a growth in gross revenue for the REIT which saw a 6.9% year-on-year climb to SGD81.0 million. Correspondingly net property income (NPI) for the quarter increased 5.4% to S$69.1 million, excluding forex impact.

The REIT has attributed its performance for the quarter to positive rental reversions, initial contributions from newly completed asset enhancements in Singapore and Japan, and contribution from the Korea property acquired during the year.

However the REIT indicated that distribution for the quarter included a divestment gain from its disposal of a property at 30 Woodlands Loop, Singapore. Excluding divestment gain, amount distributable to unit holders would have reported an 8.6% increase to SGD45.7 million while DPU would have grown 7.8% to 1.87 Singapore cents.

Portfolio occupancy for the REIT remained stable throughout FY13/14, ending the year at 98.3%. The weighted average lease to expiry (WALE) of the portfolio is about 4.8 years, with around 43% of the leases expiring in FY17/18 and beyond.

For the financial year, leases for approximately 386,000 sqm of space were renewed or replaced. The rentals achieved were on average 17% higher than the preceding rentals, contributed mainly by leases in Hong Kong and Singapore. In FY14/15, about 18% of MLT’s leases will be expiring, of which approximately 14% has been renewed ahead of expiry.

However the REIT has warned that positive rental reversion achieved in FY13/14 is expected to moderate going forward given uncertain market conditions.