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Mapletree Logistics Trust’s 2Q FY24/25 Result Review
By REIT-TIREMENT  •  October 29, 2024
Basic Profile & Key Statistics

Key Indicators

Performance Highlight

MLT's gross revenue and NPI experienced a slight decline YoY, primarily due to lower contributions from its China properties, divested assets, and the weakening of foreign currencies against the SGD. The amount distributable to unitholders and DPU saw a more significant drop, impacted by higher borrowing costs, reduced distributions from divestment gains, and increased tax expenses.

Rental Reversion

In 2Q FY24/25, portfolio rental reversion stood at -0.6%, with only the China properties experiencing negative reversion.

Divestment

In September, MLT divested two properties, with four more pending completion.

Redevelopment

The redevelopment of 51 Benoi Road is progressing, with completion expected in 1H 2025. Meanwhile, the amalgamation of Subang 3 and 4 is awaiting approval from relevant authorities.

Related Parties Shareholding

The manager and directors of the REIT manager hold a relatively low proportion of shares.

Lease Profile

MLT's WALE is relatively short, with a lease expiry concentration in FY25/26.
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By REIT-TIREMENT
I am Vince and welcome to my blog. I started this blog on 1st January 2019. Since the start of my investment journey, I have been fond of REITs because of its dividends. REITs allowed you to become a property landlord and get rental income without having to fork out large sum of initial capital, look out for tenant as well as manage the properties ...
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