Mapletree Logistics Trust posts 0.9% YoY higher DPU of $0.02268 in 2QFY23/24

The REIT attributed the increase to contributions from acquisitions and divestment gains.

Mapletree Logistics Trust (MLT) delivered a distribution per unit (DPU) of $0.02268 for 2QFY23/24, a 0.9% increase from 2QFY22/23.

In the same quarter, MLT posted a net property income of $161.98m (+1.2% YoY) and gross revenue of $186.7m (+1.5% YoY).

MLT attributed its improved financial performance to higher contributions from existing assets and acquisitions in Singapore, Hong Kong SAR, Japan, Australia, and South Korea.

During 2QFY23/24, MLT completed divestments of 4 assets in Malaysia, Singapore, and Japan, with another divestment in Malaysia pending completion. These total over $150m in sale value.

The growth in revenue and NPI, however, was partly offset by China’s weak performance and revenue loss.

The depreciation of various currencies against SGD also affected MLT's financial growth in 2QFY23/24. On a constant
currency basis, revenue and NPI would have grown by 6.1% and 5.7%, respectively.

Meanwhile, MLT reported a portfolio occupancy of 96.9%. During the quarter, 89% of the leases due for expiry in 2QFY23/24, totalling 856,000 sqm of space, were successfully renewed/replaced.