Mapletree Logistics Trust DPU up 5% YoY in Q1

The distribution per unit rose to 2.268 cents.

Mapletree Logistics Trust (MLT) posted a 5% year-on-year (YoY) increase in its distribution per unit (DPU) to 2.268 cents in the first quarter (Q1) of fiscal year 2022 to 2023 (FY 22/23).

Its gross revenue for the said period grew 14.6% to $187.7m due to higher revenue from existing assets and contributions from acquisitions in the fiscal year 2021 to 2022 and the first quarter of FY 22/23, according to its financial statement.

Property expenses went up by 24.8% to $24.4m on the back of an enlarged portfolio and high property and land tax. Net property income for the Q1 FY22/23 rose 13.2% to $163.2m.

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MLT will also pay a distribution of 2.268 cents per unit on 9 September 2022 for the period from 1 April 2022 to 30 June 2022. The record date is posted on 29 July 2022.

Despite posting growth, the MLT manager remains alert to global economic headwinds such as the Russia-Ukraine crisis, high inflation, and rising interest rates.

But it noted that leasing demand for warehouse space is still resilient, backed by domestic consumption, e-commerce, and inventory stockpiling.

“The Manager remains focused on driving revenue growth from the existing portfolio through proactive leasing efforts. The Manager will continue to pursue opportunities for DPU-accretive acquisitions, asset enhancements or divestments to enhance portfolio competitiveness and create value,” it added.