MLT – BT

MapletreeLog distributable income up 21.7%

Properties acquired in Singapore, Japan, Korea and Vietnam last year boost revenue by 21.1%

MAPLETREE Logistics Trust (MapletreeLog) posted a 21.7 per cent year-on-year rise in total amount distributable to $37.54 million for the first quarter ended March 31, 2011, up from $30.84 million.

Gross revenue rose 21.1 per cent to $62.2 million on the back of contributions from 14 properties acquired in Singapore, Japan, Korea and Vietnam in FY10. Net property income (NPI) was 19.4 per cent higher at $54.67 million, as were property expenses, which climbed 34.4 per cent to $7.57 million.

For the first quarter, it will pay out a distribution per unit (DPU) of 1.55 cents, versus 1.5 cents a year ago. The DPU will be paid on May 30.

MapletreeLog, which invests in income-producing logistics real estate and real estate-related assets in Asia, has a portfolio of 98 properties as at March 31, with a book value of about $3.57 billion. Its properties in Singapore, Hong Kong and Japan were the key contributors, accounting for close to 89 per cent of MapletreeLog’s NPI.

Occupancy rate in Q1 improved marginally to 98.3 per cent compared with 98 per cent in Q4. About 81,500 square metres of space – or 94 per cent of the total net lettable area that was due for renewal in Q1 – was renewed or replaced. The weighted average lease term to expiry for the portfolio is about six years with some 70 per cent of the leases expiring in 2014 and beyond.

‘We are currently firming up the redevelopment plan for one property in Singapore. Upon completion of its redevelopment, total gross floor area will increase by more than 70,000 sq m. While the property will not generate any income during the redevelopment period, the resultant yield will provide better returns to MapletreeLog in the long run,’ said Richard Lai, CEO of Mapletree Logistics Trust Management.

He went on to add that they are upbeat on the Asian economy, and that growth this year will continue to come mainly from acquisitions of yield accretive assets.

MapletreeLog closed at 91.5 cents in trading yesterday, up 1.5 cents.