MapletreeLog Q4 2010 Quarterly Earnings Report

MapletreeLog Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• DPU of 1.31 cents for the for the period 15 Oct 2010 to 31 Dec 2010.
• As at 31 December 2010, MapletreeLog had a portfolio of 96 properties. The 96 properties include 54 in Singapore, 14 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam. Singapore, Hong Kong and Japan remained the key contributors to the portfolio, contributing close to 90% of MapletreeLog’s NPI
• During the year, MapletreeLog completed 14 acquisitions in Singapore, Japan, South Korea and Vietnam. These acquisitions are yield accretive with NPI yields ranging from 7% to 10%. With these acquisitions, MapletreeLog’s total portfolio book value increased by close to 19% to approximately S$3.5 billion.
• As at 31 December 2010, MapletreeLog’s borrowings increased to S$1,354 million versus S$1,093 million last year in view of the acquisitions completed in 2010. 
• Following the deployment of the Equity Fund Raising proceeds, MapletreeLog’s aggregate leverage ratio declined to just below 38% from last quarter.
• On 29 November 2010, MapletreeLog paid a Cumulative Distribution of 1.78 cents in connection with the equity fund raising exercise (as announced on 21 September 2010). The Cumulative Distribution comprised of:
• 1.54 cents per unit for the period 1 July 2010 to 30 September 2010 and
• 0.24 cents per unit for the period 1 October 2010 to 14 October 2010.
• MapletreeLog will pay a distribution of 1.31 cents per unit on 28 February 2011 for the period 15 October 2010 to 31 December 2010.

Author's Note
The DPU of 1.31 cents will be paid on 28 Feb 2011. Book closure is on 28 Jan 2011.

Note that the DPU of 1.31 is not for a full quarter, but for the period 15 Oct 2010 to 31 Dec 2010. There has already been an advanced distribution of 0.24 cents per unit earlier on for the period from 1 Oct 2010 to 14 Oct 2010 due to the equity fund raising exercise (as announced on 21 September 2010).

The DPU was 1.54 cents in the previous quarter.

Related Posts

• MapletreeLog Q3 2010 Quarterly Earnings Report 
• MapletreeLog - Details of cumulative distribution in connection with the recent equity fund raising - 10 NOV 2010
• MapletreeLog's Launch of Equity Fund Raising to raise approximately S$300 million in Capital to Fuel Growth - 21 SEP 2010