Mapletree Logistics Trust posts 1.5% YoY higher net property income in 3QFY23/24

With a higher NPI, the trust proposed a 1.2% YoY higher distribution per unit.

The net property income (NPI) of Mapletree Logistics Trust (MLT) increased 1.5% YoY to $159.5m in  3QFY23/24.

In a bourse filing, MLT attributed its higher NPI and 2.1% YoY higher gross revenue of $184m to “higher contribution from existing properties in Singapore and contributions from the acquisitions in Japan, South Korea and Australia completed in 1Q FY23/24.”

The weaker performance in China and absence of revenue from divested properties or properties undergoing redevelopment, however, partially offset MLT’s financial growth for 3Q FY23/24.

The depreciation of various currencies against the Singapore Dollar, primarily the Chinese Yuan, Japanese Yen, Hong Kong Dollar, Malaysian Ringgit and Australian Dollar also weighed on MLT’s growth.

On a constant currency basis, revenue and NPI would have grown by 4.8% YoY and 4.1% YoY, respectively.

Given the higher NPI, MLT’s amount distributable to unitholders and distribution per unit (DPU) also increased by 4.8% YoY to $112.2m and  1.2% YoY to $0.02253 on an enlarged unit base, respectively.