- Mapletree Logistics Trust's 3QFY23 (Oct-Dec 2023) distribution per unit (DPU) rose 1.9% y-o-y to S$0.02227.
- Positive average rental reversions of 2.9%; occupancy improved q-o-q to 96.9%.
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MLT's 3QFY23 results in-line with expectations
- Mapletree Logistics Trust (MLT, SGX:M44U)’s 3QFY23 results met our expectations. Gross revenue and net property income (NPI) grew 8.0% and 7.3% y-o-y to S$180.2m and S$157.2m, respectively. This was driven by organic and inorganic growth, but partially offset by the depreciation of the JPY, KRW, CNY and AUD against the S$.
- Mapletree Logistics Trust's 3QFY22 DPU rose 1.9% y-o-y to S$0.02227, but would have increased by a larger magnitude of 8.6% y-o-y in constant currency terms. Mapletree Logistics Trust expects minimally another three quarters of net negative impact from FX, although it has hedged ~79% of its estimated distributable income for the next 12 months.
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Portfolio occupancy reversed three quarters of decline, but rental reversions moderated to +2.9%
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