Mapletree Logistics Trust first quarter DPU slides 3%

File picture of a Mapletree Logistics Centre. PHOTO: SPH
File picture of a Mapletree Logistics Centre. PHOTO: SPH

SINGAPORE - Mainboard-listed Mapletree Logistics Trust (MLT) has announced a 2.6 per cent year-on-year decline in distribution per unit (DPU) to 1.85 cents er unit (DPU) to 1.85 cents for the first quarter, the company release said on Monday.

The company's gross revenue for the quarter ended June 30, 2015, rose 5 per cent over the year to S$85.1 million, while net property income gained 3.1 per cent to S$71.1 million on the back of contributions from acquisitions and stronger performance from existing properties, especially those in Hong Kong.

The gains were partially offset by lower contributions from properties in Singapore which were recently converted to multi-tenant models from single-user assets.

As at 30 June 2015, MLT's portfolio comprises 118 properties with a book value of S$4.6 billion. If all announced transactions are completed, MLT's portfolio value will increase to S$4.8 billion comprising 119 properties in eight geographic markets - 52 in Singapore, 8 in Hong Kong, 22 in Japan, 11 in South Korea, 9 in China, 1 in Australia, 14 in Malaysia, and 2 in Vietnam, the release added.

MLT, the first Asia-focused logistics REIT in Singapore, invests in a diversified portfolio of income-producing logistics real estate and real estate-related assets.