Mapletree Logistics Trust

Mapletree Logistics Trust: 4QFY14 results beat consensus estimates, with distributable income of $46.3m (+10% y/y) and DPU of 1.89¢ (+9%), mainly due to positive rental reversions, contributions from newly completed asset enhancements in Singapore and Japan, and maiden contribution from Korea property recently acquired, as well as lower financing costs and divestment gain. For the quarter, gross revenue increased 6% to $80.1m and NPI grew 4% to $68.3m, despite JPY depreciation. Excluding FX effects, gross revenue and NPI would have grown 7% and 5%. Portfolio occupancy remained stable at 98.3%, with weighted average lease term to expiry of 4.8 years (by NLA). Aggregate leverage ratio lowered 0.6ppts to 33.3%, with weighted average interest of 1.9% and debt duration of 3.6 years. At $1.085, MLT trades at 1.1x P/B and 6.9% forward yield, in line with overall industrial REITs' peer average.