Mapletree Logistics net property income dips 1.8% YoY to $154.3m in 4Q FY22/23

The REIT attributed the decline to the depreciation of foreign currencies against the Singapore dollar.

Mapletree Logistics Trust recorded a 1.8% YoY decline in its net property income to $154.3m in the fourth quarter of financial year 2022/23.

The depreciation of the Chinese Renminbi, Japanese Yen, South Korean Won, and Australian Dollar against the Singapore Dollar drove the decline in the REIT's net property income, as well as its gross revenue.

The REIT's gross revenue for 4Q FY22/23 fell 2.2% to $178.9m.

At the distribution level, the depreciation has partially been mitigated through foreign currency forward contracts to hedge the income from overseas assets and contributions from acquisitions in China, South Korea, Vietnam, and Malaysia completed in the first quarter of 2022 and the fourth quarter of 2021.

Despite the income and revenie dip, the company's available DPU remained stable at $0.02268.