Mapletree Logistics Trust's Q3 distribution per unit rises 7% to 1.84 cents

GAINS from a property sale helped Mapletree Logistics Trust increqase its distribution per unit (DPU) for the third quarter.

DPU came in at 1.84 cents, 7 per cent up on the same period last year.

This is on the back of a 7.7 per cent rise in the amount distributable to unitholders, to about $45 million.

The increase includes the partial distribution of the $600,000 gain from the divestment of 30 Woodlands Loop.

If the divestment gain is excluded, the amount distributable to unitholders would have increased by a smaller 6.2 per cent while the DPU would have risen by 55 per cent.

Net property income for the three months to Dec 31 fell by 0.2 per cent over the same period last year to $67.4 million.

Excluding the impact of foreign exchange losses, net property income would have increased by 3.6 per cent over last year, the company said.

The trust has a portfolio of 111 properties, with a book value of $4.1 billion spread across seven markets - Singapore, Malaysia, Hong Kong, China, Japan, South Korea and Vietnam.

The global economy has started to show tentative signs of a recovery, with recent indicators suggesting improving conditions in the advanced economies, the company said in its statement on Monday.

"While uncertainties about the strength and sustainability of the recovery remain, demand for logistics facilities in the Asian markets where Mapletree Logistics Trust operates in is expected to remain robust."

However, competition for acquisition of logistics assets is becoming increasingly intense, the company added.

Mapletree Logistics Trust's counter rose 1.5 cents to close at $1.03 on Monday. Its results were released after the market closed.