MLT – BT

MapletreeLog's quarterly DPU rises 9.7%

MAPLETREE Logistics Trust (MLT) delivered a distribution per unit (DPU) of 1.7 cents for the three months ended March 31, 2012, a 9.7 per cent increase from 1.55 cents in the same period last year.

Gross revenue for the quarter was $71.2 million, a 14.4 per cent rise from the year-ago period, while net property income rose 12.3 per cent to $61.4 million.

MLT attributed the improved performance to contributions from properties acquired, as well as 5.6 per cent organic growth from the existing portfolio stemming from positive rental reversions and a high occupancy rate of 98.7 per cent.

The amount distributable to unitholders for the quarter was $41.3 million, up 10.1 per cent year on year.

In June last year, MLT said its financial year-end would be changed from Dec 31 to March 31 each year with immediate effect.

As a result, MLT's FY11/12 comprises five quarters ended March 31, 2012. Figures from this period would not be entirely comparable to those in FY2010, which had four quarters.

On a five-quarter financial year basis ended March 31, MLT delivered a DPU of 8.24 cents. Gross revenue was $339.5 million, while net property income was $293.6 million, resulting in an amount distributable to unitholders of $199.9 million.

MLT's portfolio as at March 31 consisted of 105 properties with an approximate $4.1 billion book value, including a $113 million or 3 per cent revaluation gain following an annual valuation exercise in March 2012.

MLT carried out a round of fund-raising in mid-March, with the issuance of $350 million worth of 5.375 per cent perpetual securities. Proceeds have contributed towards funding of its acquisitions.

Its aggregate leverage at March 31 was 35.2 per cent. This will increase to around 37 per cent on the completion of four announced acquisitions in South Korea and Malaysia.

MLT units remained unchanged at 97 cents yesterday.