Mapletree Logistics Trust Management has announced its financial results for the first quarter ended June 30, 2015. It reported revenue of S$85.1m and net property income of S$71.1m for the quarter, representing increases of 5% and 3% respectively over the same period of 2014.
The improvements were mainly due to contributions from acquisitions and stronger performance from the company’s existing properties, particularly in Hong Kong, but were partially offset by lower contributions from properties that were recently converted from single-user assets to multi-tenanted buildings in Singapore. Property expenses increased by S$1.9m mainly due to the enlarged portfolio and higher costs associated with the conversions of single-user assets to multi-tenanted buildings.
Ng Kiat, Chief Executive Officer of the manager of Mapletree Logistics Trust Management, “Q1 was an active quarter for MLT. As we continue our efforts to rejuvenate and rebalance the portfolio, we have announced three accretive acquisitions of about S$304m in growth markets, namely South Korea, Vietnam and Australia. These properties are well-located, designed with high specifications, and leased to good quality tenants with annual rental escalations. The two acquisitions in South Korea and Vietnam have been completed, while the Australian acquisition is expected to be completed by August 2015.”
Kiat went on, “On the operational front, we remain very focused on asset and lease management, especially for the single-user assets to multi-tenanted buildings conversions. Our efforts have helped to maintain an overall stable occupancy rate of 96.6%.”
As at June 30, 2015, MLT’s portfolio comprises 118 properties with a book value of S$4.6bn. If all announced transactions are completed, MLT’s portfolio value will increase to S$4.8bn comprising 119 properties in eight geographic markets.
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