MLT’s distributable income for the quarter came in at $92 million, down 6.2% y-o-y, and its gross revenue came in 2.4% y-o-y lower at $177.4 million. Net property income similarly declined 2.1% y-o-y for 1QFY2025 to $153.4 million.
The trust says that the decline was mainly due to forex impact from the depreciation of various regional currencies against the Singapore Dollar and loss of contribution from 12 divested properties.
MLT’s portfolio occupancy stood at 95.7% as at June 30, while weighted average lease expiry of the portfolio is at 2.7 years. The portfolio had an average rental reversion of 2.1% in 1QFY2025.
Total debt outstanding decreased q-o-q to $5.54 billion as at June 30, due to lower net translated foreign currency loans attributable to depreciation of most currencies against Singapore Dollar, as well as loans repaid during the quarter with proceeds from divestments, partially offset by additional loans drawn to fund asset enhancement initiatives.
See also: SingPost reports 60% lower operating profit in 1QFY2026 business update
The trusts’ net gearing increased slightly to 41.2%.
The manager says that to mitigate forex impact on MLT, about 74% of MLT’s income stream for the next 12 months has been hedged into Singapore Dollar and around 84% of total debt has been hedged into fixed rates.
Units in Mapletree Logistics Trust closed 1 cent higher or 0.833% up at $1.21 on July 23.
