Mapletree Logistics Trust DPU slides for a second quarter running

SINGAPORE - Mapletree Logistics Trust reported a 1.1 per cent year-on-year drop in distribution per unit (DPU) to 1.86 Singapore cents for the second quarter on Monday (Oct 19).

The total return attributable to unit-holders remained flat at around S$46 million, compared with a year ago, due to higher borrowing costs, tax, management fees and absence of divestment gain.

Gross revenue for the three months ended September 30, 2015, increased 7.3 per cent to S$87.5 million, while net property income grew 6.3 per cent to S$73 million.

The growth was mainly to due contributions from acquisitions and organic growth from the existing portfolio, said the Reit in a release.

However, the recent conversions of single-user assets to multi-tenanted buildings in Singapore has continued to drag down earnings.

The Reit's portfolio is valued at S$4.98 billion, with 119 properties in Singapore, Japan, Hong Kong, Malaysia, China, South Korea, Australia and Vietnam.

The Asian-focused logistics Reit closed 0.5 cents higher at $1.035 on Monday.

kohping@sph.com.sg