REIT Financial News - Q2 2010 Quarterly Earnings Report for MapletreeLog

Second quarter 2010 results for MapletreeLog:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for 2Q 2010 is 2.07 cents.
• The book closure date is Monday, 2 August 2010 and the distribution payment date is Friday, 27 August 2010.
• Amount distributable increased by 8% year-on-year to S$30.9 million for the three months ended 30 June 2010 (“2Q 2010”) compared to the same period last year (“2Q 2009”).
• Available distribution per unit (“DPU”) of 1.50 cents for 2Q 2010 is 1.4% higher than 2Q 2009’s DPU of 1.48 cents.
• Improvement driven largely by reduction in borrowing costs notwithstanding larger portfolio size.
• MapletreeLog converted three single-user assets into multi-tenanted buildings in 2Q 2010 for better organic growth opportunities.
• MapletreeLog acquired a property each in Japan and Vietnam from the Sponsor in 2Q 2010. 
• As at 30 June 2010, the Trust’s portfolio comprises 86 properties, with a book value of approximately S$3.0 billion. 
• Of the 86 properties, 49 are in Singapore, 11 in Malaysia, 10 in Japan, 8 in Hong Kong, 6 in China and 1 each in South Korea and Vietnam.
• Total debt outstanding increased to S$1,212 million and leverage ratio increased slightly to 38.8% as at 30 June 2010. 
• MapletreeLog’s interest cover ratio in 2Q 2010 remained healthy at close to 6 times.
• The weighted average borrowing cost for 2Q 2010 has reduced marginally to about 2.4% as compared to 2.5% for 1Q 2010.

Author's Note
The quarterly DPU for 2Q 2010 of 1.50 cents will be paid on 27 Aug 2010, with the book closure date on 2 Aug 2010.

The DPU was 1.50 cents for the previous quarter.