Mapletree Logistics Trust DPU rises 5.7% to to 2.173 cents

Net property income also increased by 21.5% for the same period.

Mapletree Logistics Trust Management revealed that Mapletree Logistics Trust's distribution per unit (DPU) grew by 5.7% year-on-year (YoY) to 2.17 cents in the second quarter (Q2) of its financial year 2021-2022 ending in September 2021.

Its net property income also jumped by 21.5% YoY to $144.4m; gross revenue, by 25.2% YoY to $165.1m.

The same increase was recorded for the company's amount distributable to its unitholders (19.2% to $93.4m).

Performance in this period was affected by the contributions from acquisitions completed in the financial year 2020-2021 (FY20/21), as well as higher occupancy from Mapletree Ouluo Logistics Park Phase 2, which completed redevelopment in the first quarter of the same financial year.

Overall growth was moderated by depreciation in HKD and JPY which was partially offset by a stronger CNY, although the impact of currency fluctuations at the distribution level is mitigated through hedging.

Compared to the previous quarter’s included divestment gains of $4.7m, the third quarter of FY20/21 had a tapered divestment gain to $1.8m. Excluding these, the adjusted DPU was 10.4% higher YoY.

Ng Kiat, CEO, Mapletree Logistics Trust Management Ltd, mentioned that the proposed acquisitions in Australia, Malaysia, and South Korea as a way of building up their portfolio.