Warehouse operator Global Logistic Properties (GLP), which got acquired by a Chinese consortium last month, reported a 29 percent fall in first-quarter profit due to lower revaluations.
Net profit fell to US$144 million in the three months ended June 30 compared to US$202.9 million in the corresponding period last year.
Revenue for the quarter rose 27 percent to US$262 million.
Global Logistic Properties last month accepted offer from a Chinese consortium for S$16 billion in Asia's largest private equity buyout.
"GLP continues to look for opportunities to grow the platform in new and existing markets, including a potential new China income fund, continuing to sell assets to the J-REIT and potentially expanding into Europe," the company said in a statement.
GLP, with assets under management of US$39 billion, provides facilities in China, Japan, U.S. and Brazil. Its customers include Adidas, Coca-Cola, Loreal among others.
Its stabilized logistics portfolio lease ratio in China was 84 percent, down from 85 percent last quarter, driven by a lower lease ratio of development properties that stabilized in the first-quarter.
The company started US$226 million and completed US$252 million of development projects in the quarter.
Development is historically lower in the first quarter due to seasonality but generally picks up in the second half of the financial year.
Shares in the company fell 0.3 percent at S$3.24 as of 0430 GMT on the Singapore Exchange. The stock has gained 47 percent so far this year.