Mapletree Logistics Trust says it achieved a total amount distributable of $29 million for 2Q 2009, an improvement of 27% compared with 2Q 2008.
On a half yearly basis, amount distributable in 1H 2009 was $57 million, an improvement of 31% over the corresponding period last year.
As at 30 June 2009, the trust’s portfolio comprises 81 properties, with a book value of close to $3 billion. Of the 81 properties, 47 are in Singapore, 11 in Malaysia, eight each in Hong Kong and Japan, six in China and one in South Korea.
Singapore, Hong Kong and Japan continue to contribute close to 90% of MapletreeLog’s NPI. As at June 30, Singapore contributed about 50% of the Trust’s NPI, Hong Kong 23%, Japan 15%, China 6%, Malaysia 5%, and the balance from South Korea.
Portfolio occupancy rates for MapletreeLog have been sustained at above 98% with renewal rates maintained at around 80%. To-date, of the 20% of total leases (by portfolio gross revenue) which are up for renewal in 2009, Mapletree Logistics Trust has successfully renewed about 65%, leaving the balance of about 7% of total leases to be renewed in the next two quarters.
Given the current economic environment and that tenancy retention remains a priority, average rental reversion rate for all leases renewed to-date is almost flat.
Source : The Edge – 23 Jul 2009