Mapletree Logistics Trust asset in Japan. (Mapletree Logistics Trust)Mapletree Logistics Trust asset in Japan. (Mapletree Logistics Trust)

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.

By Shariffa Al-Habshee

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