Past acquisitions and better operating metrics did it.
According to OCBC, Mapletree Logistics Trust (MLT) reported NPI of S$67.5m and distributable amount of S$41.4m for 2QFY13, representing a YoY growth of 14.6% and 1.2% respectively.
Here's more from OCBC:
Contributions from its past acquisitions and improved operating metrics were the key drivers for the performance. DPU similarly grew 1.2% YoY to 1.71 S cents.
This brings the 1HFY13 DPU to 3.41 S cents, forming 48.3% of our full-year DPU projections. Operationally, we note that MLT’s portfolio occupancy improved 0.2ppt QoQ to 99.2%, while leases renewed/replaced achieved positive rental reversions of 8% on average (albeit lower than 10% seen in previous quarter).
For the rest of FY13, management expects its portfolio income to remain stable as only 4.2% of its leases by NLA are due for renewal. In addition, MLT introduced the Distribution Reinvestment Plan (DRP), which will be applied to the quarterly distribution. We will be attending the analyst briefing this afternoon to get more insight on MLT’s outlook and strategy.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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