Mapletree Logistics Trust (M44U) AGM 2024 presentation summary

Portfolio and operating performance

• Diversified portfolio of 187 properties across 10 markets; AUM S$13.2b, GFA 8.2m sqm, occupancy 96.0% and WALE 3.0 years at 31 Mar 2024.

• Developed markets represented ~70% of portfolio AUM and revenue; total portfolio revenue was S$733.9m in FY23/24.

• Occupancy was 97.5% excluding China and 93.2% in China; rental reversions were +7.7% excluding China, -7.9% in China and +1.4% portfolio-wide.

• No tenant represented more than 4% of gross revenue; 915 tenants, top 10 tenants ~22% of revenue and weighted average lease expiry 3.0 years.

Financial and capital position

• FY23/24 gross revenue rose 0.4% YoY to S$733.9m; net property income was broadly stable at S$634.9m versus S$634.8m.

• Distributable income increased 3.3% YoY to S$447.1m, while DPU fell 0.1% to 1.38 cents on an enlarged unit base; S$41.6m of divestment gains cushioned higher borrowing costs and weaker currencies.

• AUM increased 3.2% YoY to S$13.2b; NAV per unit declined 4.2% to S$9.003, largely reflecting a S$470.9m currency translation loss.

• 84% of debt was hedged or fixed-rate; ~78% of the next 12 months' distributable amount was hedged into or derived in SGD. Each 25 bps base-rate increase could reduce quarterly distributable income by ~S$0.5m.

• Aggregate leverage was 36.8%; debt totaled S$5.31b, average debt duration was 3.8 years and S$950m of committed facilities was available to refinance S$275m due in FY24/25.

Portfolio rejuvenation

• Executed over S$1.1b of acquisitions for 12 modern Grade A assets in FY23/24, deepening connectivity across developed and emerging markets.

• Four acquisitions in Delhi, Kuala Lumpur, Ho Chi Minh City and Hanoi had agreed property values totaling S$241.0m and completion dates from February to June 2024.

• The 51 Benoi Road redevelopment is under construction; estimated cost S$205m, GFA to rise 2.3 times to 887,000 sqft and completion expected in 1H 2025.

• Proposed Subang redevelopment has estimated costs of MYR536m (~S$173m), potential GFA of 1.4m sqft and expected completion in 1H 2028, subject to land-amalgamation approvals.

• Over S$200m of divestments were announced or completed in FY23/24 at an average premium to valuation of almost 13%, freeing capital for modern assets with higher growth potential.