Mapletree Logistics Trust (MapletreeLog) has posted a total distributable income of S$37 million in the fourth quarter of 2010, up 17 percent from the previous quarter.
Q4 gross revenue rose 12 percent to S$61 million in Q4, with the net property income (NPI) reflecting a 13 percent increase from Q3 2010.
The increase in Q4 revenue and income reflected the contribution from the five properties acquired during the quarter, as well as the full quarter contributions of acquisitions completed in the third quarter.
Furthermore, the occupancy rate in Malaysia rose 99 percent in the fourth quarter, from 95 percent in the previous quarter, with an improvement in rental rates across the company’s portfolio. These led to the distributable amount increasing by S$5 million to S$37 million.
MapletreeLog has a total portfolio of 96 properties as of 31 December 2010, including 54 properties in Singapore, 14 in Japan, eight in Hong Kong, six in China, two in South Korea and one in Vietnam. Japan, Hong Kong and Singapore remained the major portfolio contributors, making nearly 90 percent of the company’s NPI.