Mapletree Logistics Trust's net property income up 6.7% to S$65.5m

Portfolio occupancy stayed robust at 98.5%.

According to OCBC Investment Research, Mapletree Logistics Trust reported 4QFY13 NPI of S$65.5m and total amount distributable of S$46.7m, up 6.7% and 11.2% YoY respectively. The growth was mainly attributable to an enlarged portfolio and improved performance from existing assets. 

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DPU for the quarter was up 1.8% YoY to 1.73 S cents after accounting for S$4.6m due to its perpetual securities holders. For FY13, DPU increased by 2.5% to 6.86 S cents from 6.69 S cents achieved in the four quarters ending 31 Mar 2012. This is relatively in line with our/consensus full-year DPU forecasts of 6.93/7.0 S cents.

Operationally, portfolio occupancy has stayed healthy at 98.5% (99.2% in 3Q), while positive rental reversions of 14% were achieved (17% in 3Q). In addition, aggregate leverage improved from 35.9% in previous quarter to 34.1%, due mainly to lower translated JPY borrowings.

We will be attending MLT’s results briefing later in the morning to get more details on its outlook and direction.