Mapletree Logistics Trust (MLT) has reported a distribution per unit of 1.955 cents for the 4QFY2025 ended March 31, 2025, down 11.6% from the 2.211 cents from the year ago.
This brings the full-year DPU to 8.053 cents, down 10.6% from the 9.003 cents in FY2024.
The REIT's gross revenue for the 4QFY2025 came in at $179.6 million, 0.8% y-o-y lower. For the full year, gross revenue came in 0.9% y-o-y lower at $727 million.
This is due to lower contribution from existing properties in China, absence of revenue contribution from divested properties and effect from depreciation of various currencies against the Singapore dollar.
The REIT says that the decrease in gross revenue was moderated by higher contribution from existing properties in Singapore, Australia and Hong Kong SAR, and contribution from acquisitions in Malaysia and Vietnam completed in 1QFY2025.
The REIT's borrowing cost rose 4% y-o-y to $38.7 million. Taking into account a lower divestment gain of $7.7 million as compared to $12 million in 4QFY2024, the amount distributable to unitholders declined 10.3% y-o-y and DPU was 11.6% lower on an enlarged unit base.
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Net property income for the full year declined 1.5% y-o-y to $625.3 million.
Reflecting the impact of higher borrowing costs, which increased by 7.5% y-o-y, as well as lower divestment gain of $27.0 million as compared to $41.6 million in FY2024, the amount distributable to unitholders fell 9.1% to $406.4 million, and DPU was 10.6% lower at 8.053 cents.
"Despite challenges in the China market, our geographically diversified portfolio has sustained a resilient operational performance with stable occupancy and positive rent reversions achieved in FY24/25. This has helped mitigate the drag on DPU from higher borrowing costs and a lower divestment gain," says Jean Kam, CEO of the manager of MLT.
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"Looking ahead, the macroeconomic outlook has grown more uncertain amid ongoing trade tensions, which could weigh on our business performance. Our priority in FY25/26 is to focus on tenant retention and cost management, as well as proactive capital management to mitigate the headwinds from higher borrowing costs and forex volatility. Our rejuvenation strategy remains intact as we continue to look out for potential opportunities to strengthen MLT's resilience."
Units in MLT closed 4 cents higher or 3.419% up at $1.21 on Apr 23.
