Mapletree Logistics Trust's property occupancy edged up to 96.4%

Thanks to higher take-up in Singapore, Hong Kong, China, Malaysia.

Mapletree Logistics Trust’s gross revenue in 2QFY17 was up 4.7% YoY to S$91.6m, underpinned by contributions from acquisitions and completed redevelopment projects, but partially offset by lower revenue from Singapore, China and South Korea.

Looking ahead, however, OCBC Investment Research notes that management expects the leasing environment to remain challenging, especially for several of its single user assets. This is driven by muted global economic conditions which have impacted business and consumer sentiment.

2Q DPU came in flat YoY at 1.86 S cents. On a 1HFY17 basis, gross revenue rose 5.0% to $181.1m. DPU of 3.71 S cents was similar to 1HFY16

Operationally, MLT managed to improve its occupancy from 95.4% (as at 30 Jun 2016) to 96.4% as a result of higher take-up in Singapore, Hong Kong, China and Malaysia. Only South Korea registered a weaker occupancy.

Positive rental reversions of 2% were achieved, and this was largely contributed by Singapore, Hong Kong and South Korea.

MLT has 10.1% of its NLA which is expiring for the remainder of FY17, of which 4.1% is for single user assets and 6.0% is for multi-tenanted buildings.

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