MLT – BT

MapletreeLog’s Q3 DPU rises 4.1%; income up 8.1%

ACQUISITIONS have boosted Mapletree Logistics Trust’s (MapletreeLog) results for the third quarter ended Sept 30.

The trust yesterday posted a net property income of $47.6 million – up 8.1 per cent from a year ago. Amount distributable rose 9.5 per cent to $31.5 million.

As a result, the available distribution per unit (DPU) increased 4.1 per cent to 1.54 cents from 1.48 cents.

MapletreeLog bought 10 properties in Singapore, Japan, Korea and Vietnam in the past year, growing the book value of its portfolio by 16 per cent to $3.4 billion as at Sept 30 from $2.9 billion last year.

More acquisitions could come.

‘Singapore remains our key priority market; we believe it will continue to give us good investment opportunities with quality customers,’ said Richard Lai, CEO of MapletreeLog’s manager. ‘We are also continuing our expansion in markets such as Japan, South Korea, Malaysia and China.’

MapletreeLog might also go into new markets.

‘We are currently exploring several possibilities across Asia,’ Mr Lai added.

The occupancy rate for MapletreeLog’s portfolio as at Sept 30 was 98 per cent, up a notch from 97 per cent a quarter ago.

The trust’s aggregate leverage ratio as at Sept 30 was 39.9 per cent, rising from 38.8 per cent as at June 30.

MapletreeLog launched an equity fundraising exercise on Sept 21 to support its expansion, raising gross proceeds of $305 million.

Following this, instead of declaring a distribution for the period July 1 to Sept 30, it will declare a distribution for the period July 1 to Oct 14 – which was the day immediately before the date on which the new units were issued and listed. It will announce the cumulative DPU for this period later.

MapletreeLog gained two cents yesterday to close at 90.5 cents.