Mapletree Logistics Trust

Mapletree Logistics Trust: Steady 1Q13 results which was inline.1Q13 DPU of 1.7c (+6.3% YoY, flat QoQ), in line with forecast on the back of acquisitions and firm organic growth trends. Revenue and NPI rose 17% and 18% YoY respectively, driven by the contributions from 11 new properties (7 from Japan, 2 from South Korea and 2 from Malaysia) and improved operating performance. Over the qtr, MLT enjoyed positive rent reversions of 10%. While mgt expects organic growth to moderate, it expects that occupancy rates will remain stable. Underlying trends were healthy with occupancy rates improving to 99.0% (98.7% in 5Q12), driven primarily by strong take-up in three multi-tenanted buildings in Singapore. Going forward, grp will continue to focus on the strategic acquisitions. Notably the greenfield pipeline from its sponsor has over $400m in assets nearing completion to which MLT has rights of first refusal. Over the qtr, MLT acquired 4 properties, with NPI yields ranging from 8.7-9.9%. Following the acquisitions, MLT’s gearing rose to 37% level (vs. 35.2% in last qtr). However, it was able to maintain its weight average interest rate at 2.4% while lengthening its debt duration to 4.4 years.