$MAPLETREE LOGISTICS TRUST(M44U.SI)$
FY21 Results reported yesterday.
A good set of results. Key points below:
1. Net property income increased 13.8% YoYand 9.6% QoQ. This is from contributions from new acquisitions and on an enlarged unitbase 12.7% YoY after a round of equity fundraising
2. 4Q DPU at S$0.02161 increased 4.6% QoQ. At the current price of $1.97, this is a forward yield of 4.38%.
3. Safe gearing ratio of 38.4% vs 39.3% last year.
4. Low average debt interest rate of 2.2%.
5. Well-staggered debt profile. Proportion of debt due this year 4%, and 13% next year.
5. Total portfolio occupancy increased to 97.5%
6. Proportion of leases expiring this year 26.4% and next year 24.7%. Positive rental reversion of 2.4% for leases renewed in 4Q20/21.
I will continue to accumulate more of this well-managed logistics REIT with a reputable sponsor, as they have managed the portfoliosplendidly while making accretive acquisitions.
https://links.sgx.com/1.0.0/corporate-announcements/0YSOP0E3RKL3AQF0/661819_20210421_MLT_PPT_4QFY2021_final.pdf
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