THE distribution per unit for Mapletree Logistics Trust (MLT) fell 11.1 per cent to S$0.02003 for its third quarter ended Dec 31, 2024, from S$0.02253 in the prior year.
Revenue was down 0.9 per cent at S$182.4 million for the third quarter, from S$184 million in the year-ago period.
This was mainly due to lower revenue contribution from China, the absence of contribution from divested properties, and depreciation of various regional currencies against the Singapore dollar, the manager said on Tuesday (Jan 21).
However, the decline was partially offset by stronger performance in Singapore, Australia and Hong Kong, and contribution from recent acquisitions, the manager added.
Net property income fell 1.4 per cent on the year to S$157.2 million for the quarter, from S$159.5 million.
The amount distributable to unitholders declined 9.7 per cent year on year to S$101.3 million, from S$112.2 million.
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The distribution will be paid out on Mar 13, 2025, after the record date on Jan 31.
Jean Kam, chief executive officer of the manager, noted that the majority of the leases that were expiring in 2024 have been renewed or replaced through active lease and asset management.
“As we navigate through an increasingly uncertain macroeconomic environment, we remain focused on maintaining stability in the portfolio, while staying agile and proactive to adapt to evolving market conditions,” she added.
Units of MLT closed S$0.01 or 0.8 per cent lower at S$1.27 on Tuesday, before the results were released.
