SGX Market Updates

Mapletree Logistics Trust Joining the STI on Dec 23


09 December 2019

  • Mapletree Logistics Trust is scheduled to join the STI effective the Dec 23 open with an approximate 1.6% weightage, bringing the number of REITs in the STI to 5, with a combined Index weighting close to 10%.

  • Mapletree Logistics Trust generated an accumulative total return of 586% since listing on July 28, 2005 (14.4% annualised). As of Sep 30, its 137 logistics assets in Singapore, Hong Kong SAR, Japan, China, Australia, South Korea, Malaysia and Vietnam have an AUM of S$7.95 billion.

  • Manulife US REIT and Sasseur REIT will also join the FTSE Russell Global EPRA/Nareit Series on Dec 23 – with Manulife US REIT joining the FTSE EPRA/Nareit Global Developed Index and Sasseur REIT joining the FTSE EPRA/Nareit Global Emerging Index.

Growth from Day One

Mapletree Logistics Trust listed on SGX on July 28, 2005 with 15 properties and a Singapore-based portfolio value of S$422 million. On the day the Mapletree Logistics Trust IPO was launched, the Business Times cited NUS Professor Ong Seow Eng’s view that Logistics REITs tend to purchase property across countries, and that investors should not be surprised if the trust had more cross-border acquisitions than other REIT types.

The IPO closed 43.9 times over-subscribed with a day one close 30% above the initial offer price. Since listing, Mapletree Logistics Trust has generated average annualised total returns of 14.4%. During that time, Mapletree Logistics Trust has grown its portfolio from 15 properties to 137 logistics assets across eight countries - Singapore, Hong Kong SAR, Japan, China, Australia, South Korea, Malaysia and Vietnam.

Mapletree Logistics Trust maintained assets under management of S$7.95 billion as of Sep 30, and has since completed a private placement of S$250 million to help fund acquisitions in Malaysia and Vietnam in addition to a 50% interest in four properties in China through the acquisition of property holding companies. Mapletree Logistics Trust currently maintains an indicative dividend yield of 5%.

First Mapletree to List, Second Mapletree to Join STI

Mapletree Commercial REIT listed on April 27, 2011 however joined the Straits Times Index (“STI”) at the previous quarterly rebalance. This means Mapletree Logistics Trust is the second of the four Mapletree REITs to join the STI and the fifth REIT to join the STI.

STI REITs - Annualised Total Returns Since Respective IPOs

Source: Thomson Reuters, Bloomberg, SGX (accumulative total returns of the 5 REITs span respective IPOs to Dec 6, 2019).

Based on indicative STI weights at the end of September, in addition to the increased issuance of Mapletree Logistics Trust on the aforementioned private placement, Mapletree Logistics Trust is expected to maintain an approximate weight of 1.6% in the STI. The addition to the Index will take effect on the local market open of Dec 23 and Mapletree Logistics Trust will replace Golden Agri-Resources

This will bring the approximate weightage of the 5 REITs within the STI to 10%. This brings added diversity to the STI in 2019 with banks still maintaining the highest STI sector weight. The impact of the low global interest rate outlooks over the past 11 months has seen noticeable divergent performances between the global REITs and global banks.

FTSE Russell Global EPRA/Nareit Index Additions

The FTSE EPRA/Nareit Global Real Estate Index Series is designed to represent general trends in eligible real estate equities worldwide. Relevant activities are defined as the ownership, trading and development of income-producing real estate.

The index series now covers Global, Developed and Emerging indices:

  • Manulife US REIT will join the FTSE EPRA Nareit Global Developed Index with effect of the local market open of Dec 23 - for more details click here.

  • Sasseur REIT will join the FTSE EPRA Nareit Global Emerging Index with effect of the local market open of Dec 23 - for more details click here

Currently SGX lists 24 stocks that are included within the FTSE EPRA Nareit Global Real Estate Index Series.

The European Public Real Estate Association (“EPRA”) is a common interest group, which aims to promote, develop and represent the European public real estate sector. The National Association of Real Estate Investment Trusts (“Nareit”) is the trade association for REITs and publicly traded real estate companies with an interest in the US property and investment markets.

This article is provided by SGX My Gateway.

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