Mapletree Logistics Trust Management (MLT) released its financial results for H1 2019 and revenues are up 13.6% year-on-year. Gross revenues for the period increased 13.6% year-on-year to SGD*119.8m (H1 2018: 105.4m), while net property income (“NPI”) saw an 18.2% year-on-year increase to SGD106.1m (H1 2018: SGD89.8m).
The improvement in results was underpinned by factors including a stable performance from existing properties, the redevelopment of Mapletree Ouluo Logistics Park Phase 1 in Shangai, which had been completed, and accretive acquisitions completed in Financial Year 2018/2019.
MLT’s amount distributable to unitholders rose 20.8% year-on-year to SGD73.6m while distribution per Unit (“DPU”) grew 3.5% to SGD2.025 cents on an enlarged unit base. On 6 September 2019 Mapletree will pay out DPU to unitholders for the period April 1,2019 to June 30, 2019.
MLT’s portfolio, starting with 141 properties, now comprises 137 properties. Following the divestment of five properties in Japan in April 2019, the total value of assets under management as at June 30, 2019 was SGD7.9bn.
As of June 30, 2019, rate of occupancy stood at 97.6%, compared to 98.0% in Q 1 2019. This reflects slightly lower occupancy rates in Singapore, Hong Kong and South Korea, although partially offset by higher occupancy in China.
According to the company, global economy slowed down, leading to a slight decrease in leasing renewals and capacity expansion from customers.
Source: Mapletree Logistics Trust
*$:SGD1.4/€:SGD1.5
