The redevelopment of Mapletree Ouluo Logistics Park Phase 1 boosted income growth.
Mapletree Logistics Trust (MLT) opened the year on a strong financial footing after Q1 FY 19/20 net property income (NPI) rose 18.2% YoY to $106.1m from $89.8m.
Gross revenue also increased by 13.6% to $119.81m from $105.44 over the same period, whilst its distribution per unit (DPU) also went up by 3.5% to $0.02 cents.
The company attributed the income growth to the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 and acquisitions in Singapore, Australia, South Korea and Vietnam, all of which were completed during the last fiscal year.
However, growth in revenue was offset by the absence of revenue from five completed divestments completed in Q1 and two divestments completed in FY 18/19 along with the weaker Australian Dollar, Chinese Renminbi and Korean Won.
Following the sale of five properties in Japan, MPL’s portfolio stands at 137 properties with a total value of assets under management (AUM) of $7.9b as of June 30. Portfolio occupancy decreased to 97.6% as of June 30 from 98% in the previous quarter, reflecting lower occupancy rates in Singapore, Hong Kong and South Korea.
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