Despite recording lower occupancy and weighted average lease expiry (WALE) figures, Mapletree Logistics Trust (MLT) has achieved higher revenue and distribution for its 1Q FY18/19.
The REIT announced a distribution per unit (DPU) of 1.957 Singapore cents for the period, an increase of 3.7% over the 1.887 cents achieved in the corresponding quarter of the previous financial year.
MLT gross revenue for the period grew by 10.1% year-on-year to SGD105.4 million (USD77.3 million), while net property income (NPI) saw an increase of 11.1% to SGD89.8 million.
Accordingly, the REIT’s amount distributable to unitholders increased by 29.1% year-on-year to SGD60.9 million.
MLT has attributed the results to stronger performance from its existing portfolio, as well as contributions from its recent acquisitions in Hong Kong.
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