Data from Mapletree Logistics Trust’s latest results have been updated into the Singapore REITs table.

Mapletree Logistics Trust (MLT) reported on 21 July that its distributable income for 1Q FY22/23 has risen by 17.2% year-on-year to SGD108.6 million.

In line with this, the REIT’s distribution per Unit (DPU) grew 5.0% to 2.268 cents on an enlarged unit base.

Gross revenue for 1Q FY22/23 rose by 14.6% to SGD187.7 million.

Property expenses increased by 24.8% to SGD24.4 million due to the enlarged portfolio and higher property and land tax.

Accordingly, net property income for 1Q FY22/23 increased by 13.2% year-on-year to SGD163.2 million.

Portfolio occupancy was stable at 96.8% while leases renewed or replaced during the quarter achieved a positive rental reversion of approximately 3.4%, said the REIT.

The weighted average lease expiry (WALE) for the portfolio is approximately 3.4 years with around 35.7% of the leases having expiry dates in FY25/26 and beyond.

MLT’s leverage ratio has increased to 37.2% as at 30 June 2022, with weighted average borrowing cost at 2.3% per annum for 1Q FY22/23.

MLT was last done on the Singapore Exchange at SGD1.71, which presently implies a distribution yield of 5.31% according to data on the Singapore REITs table.