Mapletree Logistics Trust has announced their 3Q FY21/22 Financial Results on 28th January 2022.
Gross revenue grew 19.3% due to higher revenue from existing properties and accretive acquisitions completed in FY21/22 and FY20/21.
Property expenses increased 34.9 due to acquisitions, higher property and land tax and higher allowance for doubtful receivables.
Distribution Per Unit (“DPU”) increased 10% from 1.949 cents in 3Q FY20/21 to 2.144 cents in 3Q FY21/22.
Mapletree Logistics Trust 3Q FY21/22 Financial Results
| 3QFY21/22 (S$’000) | 3Q FY20/21 (S$’000) | Change | |
| Gross Revenue | 166,875 | 139,887 | 19.3% |
| Net Property Income | 146,443 | 124,741 | 17.4% |
| Property expenses | (20,432) | (15,146) | 34.9% |
| Income available for distribution | 102,337 | 88,681 | 15.4% |
| Distribution to Unitholders | 94,858 | 79,678 | 19.1% |
| Distribution Per Unit (“DPU”) (cents) | 2.144 | 1.949 | 10.0% |
Occupancy
Overall portfolio occupancy stood healthy at 97.8%. As you can see below, Japan, Hong Kong SAR and South Korea both achieved higher occupancy as compared to September 2021.
Occupancy in Malaysia fell but at the moment, it is not much of a concern since the overall portfolio occupancy is still considered healthy.
Lease Expiry
Weighted Average Lease Expiry (WALE) (by NLA) stood at 3.6 years. As you can see below, the lease expiry are well staggered.
Debt
As of 31st December 2021, the gearing ratio stood at 34.7%.
There are sufficient available committed credit facilities of S$1,403m to refinance S$270m (or 7% of total debt) debt due in the current financial year.
If you are worried about forex fluctuations, 79% of the debts are hedged into fixed rates.
Debt maturity profile remains well-staggered with an average debt duration of 3.5 years.
Current Dividend Yield
Based on the latest closing share price of S$1.69 (31st Jan 2022) and FY20/21 DPU of 8.326 cents, this translate to a current dividend yield of 4.93%.
Summary of Mapletree Logistics Trust 3Q FY21/22 Financial Results
It seems that this REIT does not gain the support from investors. Despite good financial results, the share price has been on the decline for the past 6 months.
I feel that the reason could be that investors are not supportive of its frenzy acquisitions whereby it has just too many properties in its portfolio.
Nevertheless, the share price and current dividend yield are reaching attractive levels.
If you didn’t know, I have entered into a minor position with Mapletree Logistics Trust. You can read more on my previous analysis on Mapletree Logistics Trust here.