Mapletree Logistics Trust’s distributable income up 36% in Q1

Mapletree Logistics Trust saw its distributable income amount rise 36.1 per cent to some S$29 million in the first quarter of 2009 over the previous year.

The trust said available distribution per unit (DPU) was 1.47 cents for the period, which is about 0.7 per cent higher compared to the previous quarter. The payout will be made on May 29, 2009.

Mapletree Log said the increase is largely due to lower property expenses, a full quarter’s revenue contribution from two properties acquired in the fourth quarter of 2008, and high occupancy rate for its portfolio.

But compared to a year ago, the DPU fell by 22.6 per cent due to additional units arising from a rights issue exercise last August.

For the first quarter, Mapletree Log posted net property income of S$46 million, up 23.6 per cent on-year.

Its properties in Singapore, Hong Kong and Japan contributed to about 90 per cent of its net property income. Gross revenue for the period also went up by 24.9 per cent to S$53.3 million.

Mapletree Log said the outlook for 2009 remains challenging and it will focus on yield optimisation in the near term. It added that it has no current plans to acquire new assets and does not have any refinancing risks.

Going forward, it believes its strong portfolio of assets, diverse tenant mix and high occupancy rates will allow it to have steady cash distribution.

It is also focusing on tenant retention and helping its tenants to tide through the tough times.

Source : Channel NewsAsia – 23 Apr 2009

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