Mapletree Logistics Trust (MLT) disclosed on 1 May that it has achieved revenue of SGD179 million for its 4Q FY22/23.

This represents a fall of 2.2% year-on-year.

Accordingly, the REIT’s net property income for the period slid by 1.8% year-on-year to SGD154.3 million.

The REIT has attributed the revenue decrease mainly to the depreciation of RMB, JPY, KRW and AUD against the SGD.

However, this was mitigated by contribution from acquisitions in China, South Korea, Vietnam and Malaysia, said the REIT.

MLT noted that the impact of currency fluctuations at the distribution level is partially mitigated through hedging.

Over the period, MLT’s finance costs increased due to incremental borrowings to fund its FY22/23 and FY21/22 acquisitions, and higher average interest rates.

The REIT’s all-in interest cost has risen to 2.7% at end-March 2023 from 2.2% at end-March 2022.

Its aggregate leverage has remained the same at 36.8%.

MLT was last done on the Singapore Exchange at SGD1.74, which presently implies a distribution yield of 5.12% according to data on the Singapore REITs table.