Mapletree Logistics Trust has just announced a S$1bn acquisition consisting of 9 properties in China, Malaysia and Vietnam right after their 1H2020 results release. This acquisition has definitely triggered some attention from investors all around. Without further ado, let’s take a quick look at the 1H2020 results and a deep dive into the proposed acquisition
Consistent Growth in Gross Revenue and NPI
|Year on Year Difference||1st Half 2020||1st Half 2019|
|Gross Revenue||S$264.229 million (+9.4%)||S$241.561 million|
|Net Property Income (NPI)||S$237.694 million (+10.4%)||S$215.254 million|
Yet another consistent quarter by Mapletree Logistics Trust, growing its Gross Revenue as well as its NPI year on year. The growth is mainly due to the completed redevelopment of Ouluo Phase 2 in Shanghai as well as overall higher contribution from existing properties. The growth is partly offset by rental rebates granted to eligible tenants impacted by COVID-19 as well as the divestment of 6 properties in FY19/20.