Mapletree Logistics Trust

4Q FY23/24 Results Summary

• Revenue: SGD 180.98M

  Increased 1% Year-on-Year

  Growth was driven by higher contribution from existing properties in Singapore and Hong Kong, as well as contributions from acquisitions in Japan, South Korea and Australia completed during the year, partly offset by weaker performance in China and the absence of revenue from divested properties.

• Net Property Income (NPI): SGD 155.31M

  Increased 1% Year-on-Year

  NPI for 4Q FY23/24 increased by 0.6% year-on-year to S$155.3 million.

• Net Profit: SGD 58M

  Decreased 80% Year-on-Year

  Net profit declined due to higher other trust expenses, borrowing costs and net fair value loss on investment properties.

• Portfolio Occupancy: 96%

  Portfolio occupancy was maintained at a healthy level of 96.0%.

• Rental Reversion: 2.9%

  The weighted average rental reversion for leases renewed during 4Q FY23/24 excluding China was 7.1%; including China it was 2.9%.

• Distribution Per Unit (DPU): SGD 0.02

  Decreased 3% Year-on-Year

  DPU decreased 2.5% to 2.211 cents on an enlarged unit base.

• Leverage/Gearing: 39%

• Outlook

  Slowing growth, ongoing geopolitical tensions and a higher for longer interest rate environment continue to pose headwinds to MLT. Leasing activity in the majority of MLT's markets is likely to remain stable, supported by steady demand for its portfolio of modern, well-located assets. In China, the leasing environment continues to be challenging amid uncertainty over its economic recovery, and negative rental reversions are expected to persist. The Manager anticipates that replacement loans and hedges will be at significantly higher than existing rates. In addition, the persistent weakness of regional currencies against the Singapore Dollar will continue to exert pressure on MLT's distributions. To navigate these headwinds, the Manager will stay nimble and maintain a disciplined and proactive approach to capital management.

  Sources: Mapletree Logistics Trust Financial Report