Singapore-listed industrial REIT Mapletree Logistics Trust has announced a DPU of 1.86 Singapore cents for its 2Q FY16/17, unchanged from what was recorded in the corresponding period of 2015.

Gross revenue for the period increased by 4.7% year-on-year to SGD91.6 million (USD65.6 million), while net property income grew by 1.7% to SGD14.8 million during the same period.

“While overall growth was constrained by challenging market conditions in Singapore, this was mitigated by initial contribution from the completed redevelopment Mapletree Logistics Hub - Toh Guan in Singapore, and extension building at Moriya Centre in Japan”, said the REIT.

Correspondingly income available for distribution for the quarter came in at SGD46.7 million, an increase of 1.0% compared to the SGD46.1 million recorded for 2Q FY15/16.

The REIT’s overall portfolio occupancy increased to 96.4% as at end-September 2016 from 95.4% in the previous quarter, while rental rates for leases renewed/replaced in 2Q FY16/17 achieved an average positive rent reversion of approximately 2%.

Weighted average lease expiry (WALE) by net lettable area for the quarter is about 4.1 years, while aggregate leverage stood at 37.6% as at 30 September 2016.

The REIT warned in its statement on 24 October that the leasing environment is challenging, especially for several single user assets.

“Subdued global economic conditions have continued to weigh on business and consumer sentiment”, it said, adding that the REIT will continue to seek out investment, and asset enhancement opportunities that can deliver long-term value.

Units of Mapletree Logistics Trust finished the trading day about 0.4% higher from its previous close on the Singapore Exchange to end at SGD1.05.