Mapletree Logistics Hub Tsing Yi. (Photo: Mapletree Logistics Trust)

Mapletree Industrial Trust’s (MLT’s) amount distributable to unitholders for its 1Q FY20/21 rose 5.7% year-on-year to SGD77.8 million (USD56 million).

Accordingly, the REIT’s distribution per unit (DPU) grew 1.0% to 2.045 cents, on an enlarged unit base.

Related: COVID-19 will benefit logistics properties, says Mapletree Logistics Trust

Gross revenue for 1Q FY20/21 increased 10.5% year-on-year to SGD132.4 million underpinned by higher revenue from existing properties as well as contributions from accretive acquisitions completed in FY19/20, said the REIT.

However, overall revenue growth was partly offset by rental rebates granted to eligible tenants who were impacted by COVID-19, and the absence of contribution from six properties divested in FY19/20.

The REIT’s net property income increased by a higher rate of 12.0% to SGD118.8 million on the back of a 1.1% decline in property expenses, mainly due to lower utilities cost, maintenance expenses and absence of expenses related to divested assets.

Portfolio occupancy stood at 97.2% as at 30 June 2020 while its weighted average lease expiry (WALE) by net lettable area is unchanged at 4.3 years.

The REIT’s aggregate leverage stood at 39.6% as at 30 June 2020, with slightly lower weighted average borrowing cost of 2.3% per annum for 1Q FY20/21.

Data from MLT’s latest results have been updated into the Singapore REITs table.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.