Mapletree Logistics Trust posts 0.1 per cent rise in Q2 payout
A separate redevelopment plan would turn two Changi South properties into a logistics facility costing an estimated S$141 million.
Mapletree Logistics Trust (MLT) reported S$93.3 million in distributable income for its second quarter ending Sep 30, an increase of 0.9 per cent. Its manager said distribution per unit reached S$0.01816, compared with S$0.01815 a year earlier, representing a 0.1 per cent rise.
Revenue for the quarter reached S$180 million after growing 1.4 per cent, while a 1 per cent gain brought net property income to S$154.8 million. The manager credited contributions from a redevelopment in Singapore, an Indian acquisition and organic growth within the existing portfolio. Payment of the distribution is scheduled for Dec 17; the record date is Nov 5.
For the first half ending Sep 30, the trust recorded distribution per unit of S$0.03632, up 0.1 per cent. Distributable income totalled S$186.3 million, a 1 per cent increase. Revenue of S$358.9 million represented growth of 1.1 per cent, while net property income advanced 1.5 per cent to S$311.2 million.
Separately, MLT proposed replacing the adjoining properties at 9 and 15 Changi South Street 2 with a Grade A warehouse spanning five storeys. The estimated development cost is S$141 million. The project would deliver almost 500,000 square feet of combined gross floor area, an expansion of 34 per cent.
Plans include ramps serving every floor and driveways wide enough for 45-foot container trucks. Building work is expected to start in Q1 2027, with completion projected for Q2 2029.
