Singapore-listed industrial REIT, Mapletree Logistics Trust, has achieved a DPU of 1.87 Singapore cents for its 3Q FY16/17, unchanged from what was reported in the corresponding period of the previous financial year.

Gross revenue for the quarter grew 7% year-on-year to SGD95.5 million (USD67 million), while net property income (NPI) rose 8% to SGD79.9 million.

The growth has been driven mainly by contributions from new acquisitions and redevelopment projects, and a stronger performance in Hong Kong, said the REIT.

However this was partially offset by lower contributions from a number of properties in Singapore and South Korea, it added.

The nil growth in DPU has been attributed mainly to an enlarged unitholder base.

The REIT’s portfolio occupancy was at 96.1% as at 31 December 2016, while the average rental reversion rate achieved in 3Q 16/17 was approximately 2%, ranging from 1% in Singapore and Vietnam, to 4% in Hong Kong and China.

Mapletree Logistics Trust’s gearing ratio for 3Q 16/17 increased to 38.7% from 37.6% in the previous quarter, with a weighted average borrowing cost of 2.3% per annum.

“Given the uncertain economic outlook, the leasing environment remains challenging with continued pressure on occupancy and rental rates”, said the REIT, in its statement on the results.

“Nevertheless, [Mapletree Logistics Trust’s] diversified portfolio, large tenant base and well-staggered lease expiry profile should provide resilience to the portfolio”, it added.

Units of Mapletree Logistics Trust finished the trading day unchanged from its previous close on the Singapore Exchange to end at SGD1.06.