Mapletree Logistics Trust's Q1 distribution per unit rises 5.9% to 1.8 cents

Mapletree Logistics Trust has posted a 5.9 per cent rise to 1.8 cents in available distribution per unit for the first quarter.

This was despite a 2 per cent drop in gross revenue to $75.4 million for the three months to June 30.

Net property income fell by 3 per cent to $65.3 million.

The decline was mainly due to the depreciation of the Japanese Yen.

Excluding the foreign exchange impact, gross revenue would have increased by 3 per cent, driven by an enlarged portfolio and higher rent from existing assets due to positive rental reversions.

Similarly, net property income would have been 2 per cent higher.

The results included the partial distribution of the net gain from the divestment of 30 Woodlands Loop.

The $4.96 million divestment gain will be distributed over eight quarters commencing from the first quarter.

This translated to S600,000 in amount distributable per quarter or about 0.025 cent per unit.