Mapletree Logistics DPU up 3.33% in 1Q 2011

DPU of 1.55 S-cents is flat q-o-q despite the y-o-y growth, said OCBC Investment Research.

According to OCBC Investment Research's report, Mapletree Logistics Trust gross revenue for 1Q 2011 was $62.2 million. This was up 21.1% y-o-y and 2% q-o-q.

The yearly increase was mainly due to contributions from the 14 properties acquired in Singapore, Japan, Korea and Vietnam last year.

The two acquisitions announced in March 2011 were only completed towards the end of 1Q 2011 and as such, the full effect of the income contributions will only be reflected from 2Q 2011.

Distributable income of $37.5 million was up 21.7% y-o-y and 1.9% q-o-q. The 1.55 S-cents DPU represents an annualized yield of 6.9%.

As at 31 March 2011, MLT recorded portfolio occupancy of 98.3%, compared with 98.0% in 4Q 2010, boosted largely by Singapore, Hong Kong and China. 1Q 2011 saw the occupancy rate of Malaysia fall from 99.2% to 96.3%.

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