To The Moon

$MAPLETREE LOGISTICS TRUST(M44U.SI)$ , or MLT, owns a diversified portfolio of 186 logistics properties in eight countries with Assets Under Management (AUM) of S$12.9 billion as of 30 September 2022.

The REIT released an encouraging set of financial numbers for its fiscal 2023’s second quarter (2Q2023).

Gross revenue increased by 11.4% year on year to S$183.9 million while net property income (NPI) rose 10.8% year on year.

Deliverd at Place Unpacked(DPU) inched up 3.5% year on year to S$0.02248.

$MAPLETREE LOGISTICS TRUST(M44U.SI)$ has a strong track record of raising its DPU, with consecutive increases announced since FY2016.

The REIT also maintained a high occupancy rate of 96.4% as of 30 September 2022 and has a history of conducting acquisitions to grow both its asset base and DPU.

For FY2021, MLT carried out seven acquisitions in various parts of Asia to grow its AUM and DPU.

The REIT has acquired two parcels of land in Subang Jaya, Malaysia, that are slated for redevelopment to increase their plot ratios.

It also has a redevelopment project at 51 Benoi Road that’s slated for completion in the first quarter of 2025.

With an aggregate leverage ratio of 37%, MLT still has ample room to tap on debt for further acquisitions to boost its DPU.