REIT Financial News - 22 APR 2010: Quarterly Earnings Report for MapleTree Logistics

First quarter 2010 results for MapleTree Logistics Trust:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Amount distributable for 1Q 2010 rises by 8% year on year. 
• Improvement largely due to lower property expenses and decrease in borrowing costs as a result of proactive capital management to reduce interest costs and lower leverage for most of 1Q 2010 compared to 1Q 2009.
• Available DPU of 1.50 cents for 1Q 2010 is 2% higher than 1Q 2009’s DPU of 1.47 cents.
• Completed two acquisitions during the quarter - one each in Japan and Singapore.
• Key changes in senior management effective 1 May 2010.
• As at 31 March 2010, the Trust’s portfolio comprises 84 properties, with a book value of approximately S$3.0 billion. Of the 84 properties, 49 are in Singapore, 11 in Malaysia, 9 in Japan, 8 in Hong Kong, 6 in China, and 1 in South Korea.
• The average occupancy rate of MapletreeLog’s portfolio remained steady at around 98% as at 31 March 2010.
• As at 31 March 2010 the leverage ratio is 38.6%.

Author's Note
The DPU of 1.5 cents will XD on 28 Apr 2010, and will be paid on 27 May 2010.

The DPU was 1.59 cents in the previous quarter. Excluding a 0.11 cents one-off contribution from Prima Limited (to extend the leases and licenses at 201 Keppel Road), the DPU for 4Q 2009 would have been 1.48 cents.

Annualized yield based on the latest 1.5 cents DPU and closing price on 22 APR 2010 of $0.875 is (1.5*4)/87.5 = 6.857%