Mapletree Logistics Trust (M44U) AGM 2023 presentation summary

FY22/23 performance and capital

• Amount distributable rose 10.8% YoY to S$432.9m; DPU increased 2.5% to 9.011 cents; NAV per unit was S$1.44, down 2.7% YoY.

• AUM was S$12.8b, gross floor area 7.9m sqm and occupancy 97.0%; WALE was 3.1 years by NLA.

• Aggregate leverage was 36.8%, average debt duration 3.8 years, weighted average annualised interest rate 2.5% and interest cover 4.0x as at 31 Mar 2023.

• 84% of debt was hedged or at fixed rates; 77% of distributable amount for the next 12 months was hedged into or derived in SGD.

• Total return since listing was 339% through 31 Mar 2023, including distributions and capital appreciation.

Portfolio resilience

• The portfolio comprised 185 properties across nine markets, with total valuation of S$12.8b as at 31 Mar 2023; revaluation gain of S$224.2m was offset by net translation loss of S$757.9m.

• Hong Kong SAR, China and Singapore represented 23.5%, 20.8% and 20.0% of AUM, respectively; gross revenue for FY22/23 was S$730.6m.

• 887 local and international tenants supported diversification; the top 10 accounted for 23.5% of gross revenue, while consumer staples and F&B each represented 21% of trade-sector revenue.

• Portfolio occupancy was 97.0%, with occupancy at 100% in Japan, Vietnam, Australia and India; WALE was 3.1 years by NLA.

Portfolio rejuvenation

• Acquisitions of eight logistics properties in Australia, Japan and South Korea totalled S$904.4m; occupancy was 100%, average WALE 4.4 years and implied NPI yield 3.8%.

• Redevelopment at 51 Benoi Road is expected to increase GFA 2.3x, from 391,000 to 887,000 sqft, with estimated costs of S$197m and completion in 1Q 2025.

• Divestments included 3 Changi South Lane for S$22.0m, a 39.2% premium to valuation, and two Malaysia properties for MYR50.2m and MYR47.3m.