Mapletree Logistics Trust has unveiled a sturdy 2 per cent growth in first-quarter distribution per unit (DPU) to 1.887 cents, backed by stronger earnings and acquisitions.

This is up from the DPU of 1.85 cents in the same period last year.

Distributable income for the three months ended June 30 rose 2.5 per cent to $47.2 million.

Net property income rose 7.5 per cent to $80.8 million and gross revenue expanded 7 per cent to $95.8 million.

These improvements were driven by a stronger performance from properties in Singapore and Hong Kong, and accretive acquisitions completed last year, the manager said in a statement yesterday.

This was partially offset by a lower contribution from a South Korean property which was recently converted from a single-user asset to a multi-tenanted building.

Property expenses increased 4.2 per cent to $15 million, mainly due to the enlarged portfolio.

Earnings per unit came in at 1.5 cents, a big jump from 0.86 cent previously, while net asset value per unit was $1.02 as at June 30, against $1 at the same time last year.

The manager also said that leases for about 146,600 sq m of space were successfully renewed or replaced during the quarter, out of a total of 157,900 sq m due for expiry - making for a success rate of 93 per cent.

The weighted average lease term to expiry for the portfolio was about 3.9 years, with about 47 per cent of the leases due in financial year 2020/2021 and beyond.

The portfolio - comprising 127 logistics assets in Singapore, Hong Kong, Japan, Australia, China, Malaysia, South Korea and Vietnam with a total book value of $5.5 billion - continued to see positive rental reversions.

These were mainly contributed by leases in Hong Kong, China, Japan and Vietnam.

The portfolio's occupancy rate stood at 95.5 per cent as at June 30.

Ms Ng Kiat, chief executive of the manager, noted: "We have kept momentum in this quarter to deliver continuing steady growth in Mapletree Logistics Trust's DPU, underpinned by positive rental reversions and stable occupancy rates.

"With the bulk of the conversions of single-user assets to multi-tenanted buildings in Singapore behind us, Singapore's operations are stabilising and have contributed to the quarter's improved performance."

Units of Mapletree Logistics Trust closed 0.8 per cent or one cent higher at $1.22 yesterday, before the results were released.