Mapletree Logistics Trust (M44U) AGM 2025 presentation summary

Portfolio and FY24/25 performance

• Portfolio comprised 180 properties across 9 markets, with S$13.3b AUM, 8.3m sqm GFA, 96.2% occupancy and 2.8-year WALE at 31 Mar 2025; developed markets represented ~70% of AUM and revenue.

• FY24/25 revenue was S$727.0m (-0.9% YoY) and NPI S$625.3m (-1.5%); on a constant-currency basis, revenue would have risen 0.7% and NPI would have been flat.

• Distributable income fell 9.1% YoY to S$406.4m and DPU declined 10.6% to 8.053 cents, reflecting higher borrowing costs and lower divestment gains; proactive hedging mitigated currency and rate impacts.

• Portfolio valuation increased 0.8% YoY to S$13.3b, with acquisitions and capex partly offset by divestments, S$116.0m currency translation loss and S$62.0m net fair value loss.

• Occupancy held at 96.2%; FY24/25 rental reversions were +2.1% portfolio-wide and +4.9% excluding China, where reversions improved to -9.4% in 4Q from negative low teens in the first 3 quarters.

Financial resilience and portfolio profile

• Aggregate leverage was 40.7%, weighted average annualised interest rate 2.7%, debt duration 3.8 years and interest cover 2.9x; Fitch rating was BBB+ with stable outlook.

• Committed facilities of S$853m covered FY25/26 debt maturities of S$374m; 81% of debt was hedged or fixed-rate, while 75% of the next 12 months’ distributable amount was hedged into SGD.

• The top 10 tenants contributed 21.7% of gross revenue; ~85% of portfolio revenue served domestic distribution, with 15% from export-oriented tenants.

Active portfolio rejuvenation

• Three FY24/25 acquisitions in Kuala Lumpur, Ho Chi Minh City and Hanoi added modern logistics assets in growing consumption hubs.

• Fourteen older-specification properties with limited redevelopment potential were announced for and/or divested in FY24/25 for S$209m, at an average 17% premium to valuation; proceeds support investment in modern assets.

• Singapore’s 5A Joo Koon Circle redevelopment targets 887,000 sqft GFA, 2.3x the prior area, with completion expected in 1H 2028; Subang 3 and 4 in Malaysia could be amalgamated into a 1.4m sqft logistics facility.