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Mapletree Logistics Trust posts 5.8% growth in 3QFY2022 DPU to 2.185 cents

·3-min read

MLT posts 5.8% DPU growth to 2.185 cents in 3QFY2022.

The manager of Mapletree Logistics Trust (MLT) announced that the trust’s DPU for the 3QFY2022 ended December 2021 came in at 2.185 cents, 5.8% higher than 2.065 cents the previous year, on an enlarged unit base following the equity fund raising during the same period.

The amount distributable to unitholders increased by 14.5% y-o-y to $96.7 million.

Gross revenue for the third quarter was $166.9 million, an increase of 19.3% from $139.9 million a year ago. This brought net property income (NPI) to $146.4 million, 17.4% higher than $124.7 million last year. This growth in revenue and NPI was driven by higher revenue contribution from existing properties, contributions from accretive acquisitions completed in 9MFY2022 and FY2021, as well as lower rental rebates granted to eligible tenants impacted by Covid-19.

As at end December, MLT managed to successfully renew or replace 339,500 sqm of space, out of a total 429,400 sqm due for expiry, representing a success rate of 79%. The weighted average lease expiry (WALE) for the portfolio is approximately 3.6 years with portfolio occupancy coming in at 97.8%. The portfolio achieved a positive average rental reversion of approximately 2.5%, contributed by renewal or replacement leases from across almost all of MLT’s markets.

MLT expanded its geographical footprint with the completion of four acquisitions in South Korea, Australia, Singapore and Japan during the quarter, which added about 254,700 sqm of gross floor area. As at Dec 31, 2021, MLT’s portfolio comprises 167 properties with a value of $11.5 billion.

Ng Kiat, CEO of the manager says: “3QFY2022 was also a busy quarter as we scaled up MLT’s regional network with the proposed acquisitions of 17 Grade-A logistics assets in China, Vietnam and Japan. With a combined value of $1.4 billion, they will add 13 million square feet of modern warehouse space to our portfolio. Post-acquisitions, developed markets continue to form the majority of MLT’s portfolio, accounting for approximately 70% of assets under management.”

Looking forward, the trust is remaining cautious on the current Covid-19 situation. Nonetheless, the logistics sector has remained resilient throughout, thanks to structural trends, such as e-commerce and supply chain diversification. The occupancy rate of MLT’s portfolio held steady at 97.8% while rental rates remained stable in 3QFY2022. The manager says that it will continue to focus on ensuring tenant retention and working closely with our tenants to provide support where necessary.

Meanwhile, the manager will remain prudent on cash flow management while maintaining a strong balance sheet. As at end-December 2021, MLT has a gearing ratio of 34.7% with an average debt duration of 3.5 years. MLT’s gearing ratio is expected to increase to approximately 39.1% upon the completion of the proposed acquisitions of 16 properties in China and Vietnam.

Units in MLT closed at $1.69 on Jan 28.

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