It recorded higher revenue from 12 properties.
Mapletree Logistics Trust’s (MLT) net property income (NPI) for 2017 rose 6.9% YoY from $312.17m to $333.84m. According to its financial statement, distributable income grew 14% YoY to $212.9m, whilst distribution per unit (DPU) edged up 2.4% YoY to 7.62 cents.
Gross revenue edged up by 5.9% YoY to $395.18m due to higher revenue from existing properties: Mapletree Logistics Hub Tsing Yi in Hong Kong, Mapletree Pioneer Logistics Hub (MPLH) in Singapore, eight properties in Australia, one property in Malaysia, and one property in Vietnam.
The higher translated revenue from the stronger Korean Won and Australian Dollar also contributed to growth.
For the full year, MLT maintained a high portfolio occupancy rate of 96.6%. Average rental reversion was 2.6%, whilst net asset value (NAV) per unit rose 5.8% to $1.10, compared to $1.04 a year ago.
For Q4, NPI jumped 13.7% YoY to $91.26m, whilst revenue rose 11.4% YoY to $107.46m. MLT cited “improved performance driven by organic growth from existing properties, accretive acquisitions, and an initial contribution from a newly completed redevelopment in Singapore.”
It was partly offset by the absence of contributions from four divestments and redevelopment of Phase 1 Ouluo Logistics Centre.
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