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.