Mapletree Logistics Trust records 2% DPU growth for 1Q FY17/18

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Mapletree Logistics Trust has announced a DPU of 1.887 Singapore cents for its 1Q FY17/18, an increase of 2% year-on-year from the 1.85 cents achieved in the corresponding period of the previous financial year.

The rise in DPU came on the back of a 2.5% year-on-year increase in distributable income, which was recorded at SGD47.2 million (USD34.6 million).

Gross revenue for the period came in at SGD95.8 million, 7.0% higher than 1Q FY16/17, while net property income (NPI) saw a 7.5% increase to SGD80.8 million.

The REIT has attributed the improvements in numbers mainly to stronger performance of its properties in Singapore and Hong Kong, and accretive acquisitions completed in 2016.

These were however partially offset by lower contribution from a South Korean property which was recently converted from a single-user asset (SUA) to a multi-tenanted building (MTB), said the REIT.

“With the bulk of the conversions of SUAs to MTBs in Singapore behind us, Singapore’s operations are stabilising and have contributed to the quarter’s improved performance”, said Ng Kiat, CEO of the REIT’s manager, in a statement on the results.

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Ridzwan Rahmat has been analysing Singapore-listed REITs and business trusts, since 2008. For disclosure purposes, Ridzwan is currently vested in Mapletree Greater China Commercial Trust, Mapletree Industrial REIT and Mapletree Logistics Trust.

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