MapletreeLog Q3 2010 Quarterly Earnings Report

Q3 2010 results for MapletreeLog:

• Press Release
• Presentation Slides

Key Points

• The DPU for the reporting quarter is 1.54 cents. 
• Pursuant to the Equity Fund Raising, the Manager will declare, in lieu of the scheduled distribution in respect of the period from 1 July 2010 to 30 September 2010, a distribution of the amount distributable for the period from 1 July 2010 to 14 October 2010, being the day immediately prior to the date on which the new units are issued and listed pursuant to the Equity Fund Raising. 
• MapletreeLog will announce the cumulative DPU for the period of 1 July 2010 to 14 October 2010 at later date.
• Amount distributable increased by 9.5% year-on-year to S$31.5 million for the three months ended 30 September 2010 (“3Q 2010”).
• Improvement driven substantially by acquisitions of 10 properties in the past 12 months in Singapore, Japan, South Korea and Vietnam.
• The occupancy rate in Hong Kong and Malaysia increased from 92% to 97% and 95% respectively.
• Positive rental reversion and organic growth from existing portfolio of properties.
• As at 30 September 2010, the Trust’s portfolio consists of 91 properties. Of the 91 properties, 50 are in Singapore, 13 in Japan, 11 in Malaysia, 8 in Hong Kong, 6 in China, 2 in South Korea and 1 in Vietnam.
• Equity Fund Raising (EFR) exercise on 21 September 2010 comprising a private placement tranche and a preferential offering tranche to raise gross proceeds of S$305 million.
• Leverage ratio rose slightly to 39.9% as at 30 September 2010. With the full deployment of the EFR proceeds towards the paring down of debt, the leverage ratio will decline to 36%. Thereafter, assuming completion of the potential acquisitions, the leverage ratio is expected to be approximately 38%.

Author's Note
The DPU for the reporting quarter is 1.540 cents. This is for the period from 1 July 2010 to 30 September 2010. Because of the Equity Fund Raising, in which the new units are issued and listed on 15 OCT 2010, the distribution for this quarter will also include the advance distribution for the period from 1 OCT 2010 to 14 October 2010, just a day before the new units are issued. The total DPU for the period of 1 July 2010 to 14 October 2010 will be announced at later date.

DPU was 1.500 cents for the previous quarter.

Related Posts
MapletreeLog's Launch of Equity Fund Raising to raise approximately S$300 million in Capital to Fuel Growth - 21 SEP 2010