4 Singapore REITs That Boast Consistent DPU Increases: Mapletree Logistics Trust

Mapletree Logistics Trust, or MLT, is a logistics REIT that owns a portfolio of 186 properties in eight countries worth S$12.6 billion as of 31 December 2022.

The REIT has demonstrated its ability to grow its DPU through the pandemic as logistics properties remain in high demand because of the surge in e-commerce activity.

From fiscal 2019 (FY2019) ending 31 March 2019, DPU has climbed every year without fail from S$0.07941 to S$0.08787 in FY2022.

For the first nine months of FY2023 (9M FY2023), MLT’s DPU has continued its upward momentum, clocking in at S$0.06743, up 3.4% year on year.

There are signs that these increases can continue.

The REIT reported a positive rental reversion of 2.9% for its latest quarter and boasted a high occupancy rate of 96.9%.

It is also undertaking portfolio rejuvenation by divesting older properties with limited redevelopment potential to unlock value.

For 9M FY2023, MLT sold away three such properties in both Singapore and Malaysia.

The logistics REIT is also working on a redevelopment project to increase the gross floor area of a property at 51 Benoi Road in Singapore.

It also purchased two land parcels in Malaysia and plans to merge them to increase the gross floor area fivefold to 700,000 square feet.

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