Mapletree Logistics Trust reported higher revenue and return in Q3

SINGAPORE - Mapletree Logistics Trust (MLT) said net property income grew 3.1 per cent to $69.48 million for its third quarter ended Dec 31. Gross revenue rose 6.2 per cent to $82.92 million compared with a year ago.

Total return attributable to unit-holders was 2.7 per cent to $46.19 million for the period compared with a year ago, said the trust's manager MLT Management on Monday. Available distribution per unit also rose to 1.87 cents, up from the 1.84 cents in the corresponding period a year ago.

MLT's portfolio is valued at $4.4 billion, with 117 properties in Singapore, Malaysia, Hong Kong, China, Japan, South Korea and Vietnam.

Six properties acquired in China, Singapore, Malaysia and Korea in the current financial year were among the key contributors to the quarter's revenue, MLT Management said while stressing that outlook may be uncertain.

"In MLT markets, demand for logistics properties has generally held steady although the Singapore market remains challenging. The (trust) manager will continue to focus on active asset and lease management, especially with regard to the management of single tenant master leases expiring in the coming 12 months.

"As more of the single-tenanted buildings convert to multi-tenanted buildings, the downtime due to such conversions will continue to exert pressure on portfolio occupancy," the trust manager noted, adding that it will adopt a disciplined approach in seeking yield accretive investments for its portfolio.