Mapletree Logistics’ Q2 DPU down 27% on-year

Mapletree Logistics Trust has reported a second quarter distribution per unit (DPU) of 1.48 Singapore cents, down 27 per cent from a year earlier.

The fall in DPU was mainly due to the enlarged number of outstanding units as a result of the rights issue last August.

Net property income for the three months ended June rose 19.2 per cent to S$45.7 million. Distributable income meanwhile rose 26.7 per cent to S$28.7 million from a year earlier.

MapletreeLog said the rise in income was mainly due to contributions from five properties acquired during the past year.

Compared to the first quarter, the amount distributable to unitholders rose by 0.2 per cent to S$28.7 million, largely due to lower borrowing costs.

Looking ahead, the logistics REIT said the economic environment appears to have stabilised although it remains challenging.

The manager of the property trust said it will continue to evaluate any opportunity created by dislocations in the capital and real-estate markets. It will also continue to focus on optimising yield from its portfolio.

MapletreeLog said about 20 per cent of leases are up for renewal this year, and 13 per cent has already been renewed.

Source : Channel NewsAsia – 23 Jul 2009

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