The trust posted gross revenue of $120.8 million in 3Q18/19, 23.0% higher than $98.2 million a year ago, mainly attributed to higher revenue from existing properties, contribution from the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 in 2Q FY18/19, acquisitions in Hong Kong completed in FY17/18 and acquisitions in Singapore, Australia and Korea completed in FY18/19.
The growth in revenue was partly offset by absence of revenue from one divestment completed in 1Q FY18/19.
Property expenses increased by 7.3% y-o-y to $16.3 million, bringing net property income for the quarter to $104.5 million, 25.9% higher than $83.0 million last year.
Interest income increased significantly to $2.70 million from $0.15 million in the previous year.
Other trust expenses also saw a jump to $4.56 million from $0.98 million in 3Q17/18.
During the quarter, the trust saw profit from its net change in fair value of financial derivatives of $0.20 million, compared to a loss of $1.07 million a year ago.
The trust’s amount distributable to unitholders rose 23.3% y-o-y to $71.9 million.
As at Dec 31, 2018, the trust’s portfolio comprises 140 properties with a total value of assets under management of $7.8 billion.
Ng Kiat, CEO of the manager says, ”Amidst the volatile economic environment, we remain vigilant and focused on working closely with our tenants to maintain a stable portfolio performance. During the quarter, we have strengthened MLT’s portfolio with the acquisitions of three quality logistics facilities in Australia, South Korea and Vietnam and the divestment of a warehouse with older specifications in Singapore. We will continue to keep the momentum on portfolio rejuvenation through quality acquisitions and selective divestments.”
Units in MLT closed at $1.34 on Monday.
