Singapore-listed industrial REIT, Mapletree Logistics Trust (MLT) (SGX:M44U), announced on 20 July that it has achieved gross revenue and net property income of SGD85.1 million and SGD71.1 million respectively for its 1Q FY15/16.

The figures represent an increase of 5% and 3% respectively over the corresponding period in 2014.

“The improvements were mainly due to contributions from acquisitions and stronger performance from existing properties, particularly in Hong Kong, but partially offset by lower contributions from properties that were recently converted from single-user assets to multi-tenanted buildings in Singapore”, said the REIT.

Distribution per unit (DPU) for the quarter declined 2.6% year-on-year to 1.85 Singapore cents.

However results for the year-ago quarter included a divestment gain of SGD0.6 million in amount distributable or 0.025 cents in DPU. “Excluding this gain, amount distributable to unitholders and DPU for 1Q FY15/16 would have declined by 0.3% and 1% respectively”, said the REIT.

The REIT’s portfolio occupancy for the quarter stands at 96.6% while weighted average lease expiry (WALE) for the portfolio is around 4.1 years with about 33% of the leases expiring beyond FY19/20.

MLT has said that it remains concerned about slowing growth in China and the debt crisis in Greece. “In the markets where MLT operates, customers are generally cautious about capacity expansion although demand for logistics space has remained stable”, it said.

Upon the completion of announced acquisitions, MLT’s portfolio will comprise of 119 properties in eight geographic markets – 52 in Singapore, eight in Hong Kong, 22 in Japan, 11 in South Korea, nine in China, one in Australia, 14 in Malaysia, and two in Vietnam.

Units of MLT are currently listed on the Singapore Exchange at SGD1.16.