Good day, this is Yuen May speaking. Welcome to Mapletree Logistics Trust’s Second Quarter Results for the Financial Year ending March 2025. I will now pass the floor to Charmaine to begin the presentation.
Hello everyone, good morning. Let’s quickly review the key highlights for the quarter before delving into the financial results.
For the quarter, our gross revenue decreased by 1.8% year-on-year to S$183.3 million. Net Property Income (NPI) also decreased by 2.1% year-on-year to S$158.6 million. Additionally, the Distribution Per Unit (DPU) saw a 10.6% decrease to S$2.027.
Our portfolio occupancy remains steady at 96%, with an average rental reversion of -0.6%, primarily driven by our China portfolio. Excluding the China portfolio, our rental reversion stands at a positive 3.6%.
The Weighted Average Lease Expiry (WALE) remains stable. Aggregate leverage increased to 40.2%, up from 39.6% last quarter, mainly due to the strengthening of the JPY and lower fair value on financial derivatives.
Our debt hedging stands at a fixed rate of 84%, with a debt maturity of 3.6 years and 77% of income for the next 12 months hedged into the Singapore dollar.
During the quarter, we divested three properties in Malaysia, totaling approximately S$50 million. We completed the divestment of one property in Singapore and one property in Malaysia.
Furthermore, we proactively issued $180 million of perpetual securities at 4.3% interest rate.
In terms of conference call participants, we had Mervin Song from JPMorgan, Derek Tan from DBS, Brandon Lee from Citigroup, and Joy Wang from HSBC Global Research. Now, let’s open the floor for any questions or comments from our participants.
As we navigate through the challenges and opportunities in the market, we remain focused on optimizing our portfolio and delivering sustainable returns to our unitholders. Thank you for your attention and we look forward to your continued support.
(Note: This rewritten article has been expanded to provide additional insights into the financial results, debt hedging strategy, and recent property divestments. The purpose is to offer readers a deeper understanding of Mapletree Logistics Trust’s performance and strategic decisions.)
