To The Moon

$MAPLETREE LOGISTICS TRUST(M44U.SI)$ Basic Profile & Key Statistics Main Sector(s): Logistics Country(s) with Assets: Singapore, China, Hong Kong, Japan, Australia, South Korea, Malaysia, Vietnam & India No. of Properties (exclude development/associate/fund): 191 Key Indicators Performance Highlight Gross revenue and NPI declined slightly YoY mainly due to the depreciation of RMB, JPY, KRW and AUD against SGD. However, distribution to unitholders improved slightly mainly due to a combination of hedging at the distribution level, higher management fees received in units and lower tax expenses. Rental Reversion Rent reversion for the latest quarter is at +3.1%. Acquisition MLT announced the proposed acquisition of 8 properties in Japan, Australia and South Korea, together there is also a potential acquisition of 2 properties in China and a potential divestment of a property in Hong Kong. As of today, the acquisition of 6 properties in Japan is completed. Divestment MLT divested 3 Changi South Lan on 31 Mar 2023. The divestment of Chee Wah and Subang 1 is expected to be completed in 1Q FY23/24. Development The redevelopment of 51 Benoi Road is targeted to be completed by 1Q 2025. Related Parties Shareholding REIT Sponsor's Shareholding: Above median by 20% or more REIT Manager's Shareholding: Below median by 20% or more Directors of REIT Manager's Shareholding: Below median by 20% or more Lease Profile Occupancy: ± 5% from median Income in SGD/Major Currencies: Below median by 20% or more WALE: Below median by 20% or more Highest Lease Expiry within 5 Years: Above median by 20% or more; Falls in FY23/24 Weighted Average Land Lease Expiry: median by 20% or more Debt Profile Gearing Ratio: ± 10% from median Gearing including Perps: ± 10% from median Cost of Debt: Below median by 20% or more Fixed Rate Debt %: Above median by 10% or more Unsecured Debt %: ± 10% from median WADM: Above median by 20% or more Highest Debt Maturity within 5 Years: Below median by 20% or more; Falls in FY26/27 Interest Coverage Ratio: ± 10% from median Diversification Profile Top Geographical Contribution: Below median by 20% or more Top Property Contribution: Below median by 20% or more Top 5 Properties' Contribution: Below median by 20% or more Top Tenant Contribution: Below median by 20% or more Top 10 Tenants' Contribution: Below median by 20% or more Key Financial Metrics Property Yield: ± 10% from median Management Fees over Operating Distributable Income: Above median by 20% or more; $4.12 distribution for every dollar paid Operating Distributable Income on Capital: ± 10% from median Operating Distributable Income Margin: Above median by 10% or more Operating Distribution Proportion: Below median by 5% or more DPU Breakdown TTM DPU Breakdown:84.8% from Operation13.2% from Management Fees Paid in Units0.5% from Income Support1.5% from Proceeds from Divestment Trends Uptrend: DPU from Operation, NAV per Unit Flat: Occupancy Slighy Downtrend: Operating Distributable Income Margin Downtrend: Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital Relative Valuation P/NAV: Average for 1y & 5y; Below -1SD for 3y Dividend Yield: Average for 1y & 5y; Above +1SD for 3y Author's Opinion The latest results show that MLT's performance has remained consistent with the previous quarter. There is only 8% of debt requires refinancing in the next 12 months with a high fixed-rate debt proportion at 84%. Additionally, 77% of the distributable amount in the next 12 months is hedged or derived in SGD. With the completed acquisition of 6 properties in Japan, MLT's overall performance is expected to remain stable. For more information, check out REIT-TIREMENT *Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.