- Mapletree Logistics Trust (SGX:M44U)’s 3QFY24 gross revenue and net property income (NPI) rose 2.1% and 1.5% y-o-y to S$184.0m and S$159.5m, respectively. This was driven by higher contribution from existing properties in Singapore and inorganic growth, but partially offset by weakness in China and FX headwinds.
3QFY24 results met our expectations.
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- Borrowing costs continued to increase (+5.5% y-o-y), but overall DPU rose 1.2% y-o-y to S$0.02253 given the boost from the distribution of divestment gains amounting to S$12.4m (~0.248 Singapore cents per unit). See Mapletree Logistics Trust's distribution dates.
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Portfolio occupancy declined for 2nd consecutive quarter
- Mapletree Logistics Trust’s overall portfolio occupancy saw a dip of 1.0 percentage point (ppt) q-o-q to 95.9%, its second consecutive quarter of sequential decline. There were more countries/regions which recorded a fall in occupancy rates, namely
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