Mapletree Logistics' Q3 net property income up 7.7% to $79.9m

Thanks to acquisitions in Australia, Malaysia, and Vietnam.

Mapletree Logistics Trust recorded a 7.7% uptick in its net property income in the quarter ending in December at $79.9m. Its gross revenue recorded a 7.4% increase to $95.5m in the same period.

"Growth was underpinned largely by income from four acquisitions in Australia, Malaysia and Vietnam, the contribution from properties which have completed their redevelopment, and higher revenue from existing properties in Hong Kong," OCBC Investment Research said.

However, MLT's distribution per unit came in flat YoY at 1.87 Singapore cents due to higher management fees, borrowing costs, distribution to perpetual securities holders and an enlarged unit base.

Operationally, MLT’s occupancy was slightly lower from 96.4% as of September last year to 96.1%, while positive average rental reversions of 2% were achieved. This ranged from 1% in Singapore and Vietnam; and to 4% in Hong Kong and China.

"Looking ahead, management expects the leasing environment to remain challenging, with continued pressure on occupancy and rental rates," OCBC noted.

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