MapletreeLog’s Q4 distribution per unit up 8.9% to 1.59 cents

Mapletree Logistics Trust has reported a fourth quarter distribution per unit of 1.59 cents, up 8.9 per cent from a year earlier.

Included in the amount distributable was a S$2.5 million consideration from Prima Limited for the extension of the lease at a Singapore property.

This forms part of the amount distributable as it is part of Mapletree’s taxable income for financial year 2009.

As a result, the amount distributable for the fourth quarter increased by S$3.5 million despite the enlarged number of units.

Net property income for the three months ended December fell 0.4 per cent to S$44.9 million. However, net property income for the full year was 12.3 per cent higher at S$180.8 million.

Looking ahead, MapletreeLog said it expects pressure on rental rates and occupancy to ease a little with the improving economic outlook.

The property trust intends to focus on its primary aim of protecting its balance sheet and ensuring consistent distribution yields to unitholders while building up a pipeline of yield-accretive acquisitions.

Source : Channel NewsAsia – 21 Jan 2010