Basic Profile & Key Statistics
Mapletree Logistics Trust (MLT) is a logistics focus SREITs that invests in 146 properties across Singapore, Hong Kong, Japan, China, Australia, Malaysia, South Korea and Vietnam.
Quarter Performance Review
Gross Revenue and NPI increased by more than 8% due to higher contribution from existing properties and contributions from acquisitions as well as redevelopment completion. DPU increased by 1.5% YoY.
MLT completed its acquisition in Melbourne in September 2020, which should improve upcoming gross revenue, albeit not much.
Occupancy improved slightly to 97.5%. 53.2% of MLT income is received in SGD and major currencies. WALE is moderate at 4.2 years where the highest lease expiry of 24.8% falls in FY21/22. Weighted average land lease expiry is short at 51.16 years.
Gearing ratio is slightly high at 39.5%. Cost of debt is low at 2.2% even with 90.4% of high unsecured debt %. Interest cover ratio improved slightly to 4.9 times.