Mapletree Logistics Trust (M44U) Q1 23/24 earnings summary

Executive summary

• 1Q FY23/24 DPU was 2.271 cents, up 0.1% YoY, while revenue fell 2.9% and net property income fell 3.1%; distributions included divestment gains and tax-provision write-backs.

• Portfolio grew to 193 properties across nine Asia-Pacific markets, with assets under management of S$13.5 billion.

Financial highlights

• Gross revenue was S$182.2 million, down 2.9% YoY; net property income was S$158.1 million, down 3.1%.

• Net investment income rose 2.2% to S$103.6 million; profit for the period fell 6.6% to S$93.4 million, and profit attributable to unitholders fell 7.8% to S$87.1 million.

• Amount distributable to unitholders increased 3.1% to S$112.0 million; reported DPU was 2.271 cents versus 2.268 cents YoY.

• Borrowing costs rose 13.4% to S$35.1 million, mainly from acquisition funding and higher average interest rates on existing debt.

Outlook and guidance

• Occupancy is expected to remain stable, while rental growth may moderate amid slower economic growth.

• Eight logistics asset acquisitions completed in 1Q are expected to contribute for a full quarter from 2Q FY23/24.

• Selective divestments, asset enhancements and DPU-accretive acquisitions remain priorities; proceeds from two post-quarter divestments are intended to support investment flexibility.