Gross revenue increased by 7.0% to $95.8 million, from $89.6 million a year ago.
This was driven by a stronger performance from existing properties in Singapore and Hong Kong, and four accretive acquisitions completed last year in Australia, Malaysia, and Vietnam.
Consequently, net property income (NPI) grew 7.5% to $80.8 million, from $75.2 million a year ago.
“We have kept momentum in this quarter to deliver continuing, steady growth in MLT’s DPU, underpinned by positive rental reversions and stable occupancy rates,” says Ng Kiat, CEO of the manager.
“With the bulk of the conversions of single-user assets (SUAs) to multi-tenanted building (MTBs) in Singapore behind us, Singapore’s operations are stabilising and have contributed to the quarter’s improved performance,” she adds.
MLT’s portfolio occupancy rate stood at 95.5% as at June 30, 2017, falling from 96.3% in the previous quarter. The decline was mainly due to the lower occupancy in South Korea during the transitional period after the recent conversion of a SUA to a MTB.
The weighted average lease term to expiry for the portfolio is approximately 3.9 years, with around 47% of the leases having expiry dates in FY20/21 and beyond.
Cash and cash equivalents stood at $95.8 million as at June 30, 2017.
Looking ahead, the manager says it remains focused on proactive lease and asset management to maintain high occupancy rates, and will also continue to pursue opportunities for strategic acquisitions and asset enhancements to improve the quality and specifications of MLT’s portfolio.
Units of Mapletree Logistics Trust closed 1 cent higher at $1.22 on Monday.
