Mapletree Log Tr Last:1.18

-0.01

MapleTreeLog

It was rather a surprise that unit price dropped to 1.58 shortly after market opened today. I was caught in 2 minds whether to add a bit or not but before I could decide, was distracted by some work and when I got back to it an hour later, it was 1.63-1.65! I guess it?s ok, should have chance to buy in again at attractive prices in future.

today' s volume... could be due to this news?
https://www.businesstimes.com.sg/companies-markets/brokers-take-analysts-positive-mlt-acquisition-plans-wary-near-term-forex

.. no idea.. :)

Presentation slide 3Q23
https://links.sgx.com/1.0.0/corporate-announcements/3OT2YWX431YFR0IO/744495_20230119-MLT_3QFY2223_PPT_final.pdf

Mapletree Logistics Trust posts 1.9% rise in Q3 DPU to 2.227 S cents

ACCRETIVE acquisitions lifted the distribution per unit (DPU) of Mapletree Logistics Trust : M44U 0% (MLT) 1.9 per cent to 2.227 Singapore cents for the third quarter ended December, its manager announced on Thursday (Jan 19).

Gross revenue for the quarter was up 8 per cent to S$180.2 million, thanks to acquisitions completed in Q1 and the prior year.

In line with the higher topline, net property income rose 7.3 per cent to S$157.2 million. This growth was however offset by the depreciation of foreign currencies, including the Japanese yen, South Korean won and Chinese yuan, against the Singapore dollar.

Q3 DPU would have increased by 8.6 per cent or 0.189 cents, on a like-for-like basis based on the exchange rates from Q3 FY2021/2022.

For the latest nine-month period, MLT&rsquo s gross revenue grew 11.3 per cent to S$551.7 million, while DPU rose 3.4 per cent to 6.743 cents on an enlarged unit base.

Despite the positive results, MLT faces headwinds from high interest costs and forex volatility, said the manager&rsquo s chief executive officer Ng Kiat.

&ldquo We will continue to implement prudent risk management strategies to navigate these challenges,&rdquo she said,

&ldquo In line with our portfolio rejuvenation strategy, we are divesting three properties in Singapore and Malaysia, which will provide us with greater financial flexibility to pursue investment opportunities of modern, high-specs assets.&rdquo

MLT&rsquo s portfolio occupancy stood at 96.9 per cent as at end-2022, improved from 96.4 per cent in the preceding quarter. The weighted average lease expiry for the portfolio is about 3.2 years.

The trust&rsquo s gearing stood at 37.4 per cent, with an average debt duration of 3.6 years as of end-2022.

Some 83 per cent of MLT&rsquo s total debt has been hedged into fixed rates and 79 per cent of income stream for the next 12 months had been hedged into the Singapore dollar.

&ldquo Through proactive hedging, the negative impact of rising borrowing costs and the strength of the Singapore dollar on MLT&rsquo s financial performance will be partially mitigated,&rdquo it said.

Solid performance! DPU up! Typo in the previous post, should be 2.185 for previous 3Q. Going forward let?s hope the management can continue to perform well despite the increasing challenging operating environment .

HVRRVH ( Date: 19-Jan-2023 14:11) Posted:

Results to be released after market closed today. The corresponding DPU for 3Q last year was 2.815 cents, market widely expect slight drop on DPU owing to rate hike and we shall see.

For Immediate Release

Mapletree Logistics Trust Delivers 3Q FY22/23 DPU of 2.227 cents, Up 1.9% Year-on-Year
Highlights:

&bull Amount distributable to Unitholders grew 10.8% year-on-year to S$107.1 million
&bull Resilient operational performance underpinned by stable occupancy rate of 96.9% and 2.9% positive rental reversions
&bull Active portfolio rejuvenation efforts with proposed divestments of three properties in Singapore and Malaysia

(S$ ' 000)	3Q FY22/23¹	3Q FY21/22 1	Y-o-Y % change	9M FY22/23²	9M FY21/22 ²	Y-o-Y % change
Gross Revenue	180,203	166,875	8.0	551,745	495,679	11.3
Property Expenses	(23,009)	(20,432)	12.6	(71,307)	(60,637)	17.6
Net Property Income (" NPI" )	157,194	146,443	7.3	480,438	435,042	10.4
Amount Distributable To Unitholders	107,112	96,657 ³	10.8	323,695 ³	282,717 ³	14.5
Available DPU (cents)	2.227 ⁴	2.185	1.9	6.743 ⁴	6.519	3.4
Total issued units at end of period (million)	4,809	4,672	2.9	4,809	4,672	2.9

Footnotes:

Quarter ended 31 December 2022 (&ldquo 3Q FY22/23&rdquo ) started and ended with 186 properties. Quarter ended 31 December 2021 (&ldquo 3Q FY21/22&rdquo ) started with 163 properties and ended with 167 properties.
9 months ended 31 December 2022 (&ldquo 9M FY22/23&rdquo ) started with 183 properties and ended with 186 properties. 9 months ended 31 December 2021 (&ldquo 9M FY21/22&rdquo ) started with 163 properties and ended with 167 properties.
This includes partial distribution of the gain from the divestment of MapletreeLog Integrated (Shanghai) (HKSAR) Limited and its wholly-owned subsidiary, MapletreeLog Integrated (Shanghai) Co., Ltd., which owns Mapletree Waigaoqiao Logistics Park (&ldquo Mapletree Integrated&rdquo ) of S$1,799,000 per quarter (for 12 quarters from 3Q FY19/20). The gain was fully distributed in 2Q FY22/23.

4. The amount of income support for 3Q FY22/23 of S$616,000 has been received on 13 January 2023. The total income support recognised in 9M FY22/23 amounted to S$2,200,000. Excluding the income support, 3Q FY22/23 DPU would be at 2.214 cents and 9M FY22/23 DPU would be at 6.697 cents. ......

https://links.sgx.com/1.0.0/corporate-announcements/3OT2YWX431YFR0IO/744494_20230119-MLT_3QFY2223_PR_final.pdf

Results to be released after market closed today. The corresponding DPU for 3Q last year was 2.815 cents, market widely expect slight drop on DPU owing to rate hike and we shall see.

Mapletree Logistics Trust to divest two warehouses in Malaysia

MAPLETREE Logistics Trust&rsquo s (MLT) : M44U -0.62% manager announced on Friday (Jan 13) that the real estate investment trust will be divesting two warehouses in Malaysia worth a total of RM50.2 million (S$15.3 million) to Sigma Warehousing.

The consideration is 6.1 per cent higher than the latest aggregate valuation for both properties as at Oct 1, 2022. The manager has also waived the one-off disposal fee of 0.5 per cent of the sale price.

Subang 1, a 16-year-old warehouse located in Subang, and Chee Wah, an 18-year-old warehouse located in Puchong, have gross floor areas of 12,873 square metres and 7,705 square metres, respectively.

The manager added that both are single-storey warehouses with limited redevelopment potential.

&ldquo Capital released from the divestments will provide MLT with greater financial flexibility to pursue investment opportunities of modern assets that cater to the requirements of today&rsquo s logistics users,&rdquo it said.

The deal is expected to be completed by the first half of MLT&rsquo s FY23/24, after which its portfolio will consist of 183 properties, including 15 in Malaysia.

Mapletree Logistics Trust to sell &lsquo outdated&rsquo Changi property for S$22 million

warehouse on 3 Changi South Lane to Nova Furnishing Holdings for S$22 million as part of its manager&rsquo s rejuvenation strategy.

The proposed sale price represents a 39.2 per cent premium to the property&rsquo s latest valuation of S$15.8 million as at Oct 1.

In a bourse filing on Tuesday (Dec 27), the real estate investment trust&rsquo s (Reit) manager said the divestment was considered since the warehouse&rsquo s specifications are &ldquo outdated&rdquo , and it is no longer suitable nor efficient to meet the requirements of today&rsquo s logistics users.

The warehouse sits on a relatively small land area &ndash an 8,023 square metre (sq m) land site &ndash and there is limited potential for redevelopment into a modern, ramp-up logistics facility, it added. The property has a gross floor area of 11,315 sq m.

JTC Corporation has granted in-principle approval for the transaction.

Letting go of the property will improve the Reit&rsquo s financial flexibility to pursue investment opportunities with higher yield or higher growth potential to deliver long-term sustainable value to its unitholders, it said.

MLT&rsquo s manager, meanwhile, said it plans to distribute any divestment gain from the transaction to unitholders, after taking into account all relevant costs and expenses, while the capital released may be used to fund committed investments or reduce debt.

The manager&rsquo s divestment fee, supposed to be 0.5 per cent of the sale consideration, shall be used to offset the external agent&rsquo s marketing commission, which is 1 per cent of the sale consideration, it added.

The proposed divestment is expected to complete by the fourth quarter of the Reit&rsquo s 2022/23 financial year. Following this, MLT&rsquo s portfolio will comprise 185 properties.

Reits bottom? Good to pick.

Drops before xd? 🙄

Stocky901 ( Date: 28-Oct-2022 14:11) Posted:

XD next Tuesday. All sold now?

" banks are going to have" - this is good to hear, but at what interest rate ? Perhaps a good REIT Mgr can nego for better rates in this difficult environment.

Joelton ( Date: 26-Oct-2022 11:56) Posted:

Mapletree Logistics Trust posts 3.5% rise in Q2 DPU to S$0.02248

THE manager of Mapletree Logistics Trust (MLT) on Tuesday (Oct 25) announced a 3.5 per cent increase in distribution per unit (DPU) to S$0.02248 for the second quarter ended September, from S$0.02173 in the corresponding period a year ago, despite an enlarged unit base.

The amount distributable to unitholders rose 15.6 per cent to S$108 million, driven by higher revenue from existing properties and contributions from accretive acquisitions completed in Q1 FY22/23 and in FY21/22.

Gross revenue climbed 11.4 per cent to S$183.9 million, while net property income was 10.8 per cent higher at S$160 million.

Overall growth was moderated by the depreciation of foreign currencies &ndash including the Japanese yen and South Korean won &ndash against the Singapore dollar.

The real estate investment trust (Reit) manager said that, at the distribution level, the impact of weakening currencies is mitigated through the use of foreign currency forward contracts to hedge the income from overseas assets.

MLT&rsquo s portfolio occupancy dipped marginally to 96.4 per cent as at end-September, from 96.8 per cent as at end-June.

This was mainly attributable to lower occupancy in Singapore, due to the conversion of several single-user assets (SUAs) to multi-tenanted buildings (MTBs), which resulted in transitory downtime at these properties.

MLT saw a positive average rental reversion of 3.5 per cent for leases signed in Q2. As at Sep 30, the weighted average lease expiry (WALE) by net lettable area (NLA) stood at 3.3 years.

On the capital management front, MLT&rsquo s aggregate leverage ratio improved to 37 per cent as at end-September, from 37.2 per cent as at end-June.

Total debt outstanding decreased by S$96 million quarter on quarter to S$4.94 billion, mainly due to lower net translated loans attributable to the depreciation of the Japanese yen and Australian dollar against the Singapore dollar.

The weighted average borrowing cost stood at 2.5 per cent per annum for Q2, up from 2.3 per cent in Q1.

The Reit manager said its debt maturity profile remains &ldquo well-staggered&rdquo with an average debt duration of 3.6 years.

Some 82 per cent of MLT&rsquo s debt is hedged or drawn in fixed rates, with about 72 per cent of its income stream for the next 12 months hedged into Singapore dollars.

In addition, the manager guided that every potential 25 basis point increase in base interest rates may result in a S$0.0001 decline in DPU per quarter.

&ldquo My main challenge is not so much the interest rate environment,&rdquo Ng Kiat, chief executive officer of MLT&rsquo s manager, said in a briefing accompanying the results announcement. &ldquo In fact, banks are coming to us&hellip because, in this very volatile climate, they would rather have blue-chip customers. So they are actually trying to get us to borrow more from them.&rdquo

&ldquo The one that is most difficult for us to control is the share price (and its impact on our cost of equity),&rdquo she added. &ldquo Our acquisition ability is hampered a lot more because of the cost of equity.&rdquo

Units of MLT have fallen 23.2 per cent in the year to date.

&ldquo MLT continued to deliver steady growth in DPU underpinned by our diversified portfolio. While overall occupancy rates have stayed resilient with positive rental reversions achieved for the quarter, we are mindful that market uncertainty has increased amid intensifying economic headwinds,&rdquo Ng said.

&ldquo We will continue to focus on maintaining portfolio stability while driving our portfolio rejuvenation strategy to strengthen MLT&rsquo s resilience.&rdquo

The distribution for Q2 will be paid on Dec 13, after the record date on Nov 2.