Mapletree Logistics Trust (M44U) Q3 24/25 earnings summary

Executive summary

• Portfolio comprised 183 logistics properties across Asia Pacific, valued at S$13.4 billion as of 31 December 2024.

• Gross revenue for 3Q FY24/25 was S$182.4m, down 0.9% year-over-year, mainly due to lower contributions from China, divestments, and currency weakness, partially offset by gains in Singapore, Australia, and Hong Kong SAR.

• Net property income declined 1.4% year-over-year to S$157.2m; distributable income to unitholders fell 9.7% to S$101.3m; DPU was 2.003 cents, down 11.1%.

• Portfolio occupancy improved to 96.3% with positive rental reversions in most markets except China, which saw negative reversions.

• Active portfolio rejuvenation included over S$220m in accretive acquisitions and S$201m in divestments year-to-date, with several properties sold above valuation.

Financial highlights

• 3Q FY24/25 gross revenue: S$182.4m (-0.9% y-o-y); NPI: S$157.2m (-1.4% y-o-y); DPU: 2.003 cents (-11.1% y-o-y).

• 9M FY24/25 gross revenue: S$547.4m (-1.0% y-o-y); NPI: S$472.5m (-1.5% y-o-y); DPU: 6.098 cents (-10.2% y-o-y).

• Net income attributable to unitholders rose 28.7% year-over-year to S$82.4m, mainly due to fair value gains and divestment proceeds.

• Borrowing costs increased 8.7% year-over-year, reflecting higher average interest rates and incremental borrowings for acquisitions.

• NAV/NTA per unit: S$1.34 as at 31 December 2024.

Outlook and guidance

• Macroeconomic uncertainty, geopolitical conflicts, and currency volatility may impact logistics demand in Asia.

• Portfolio occupancy remained resilient at 96.3% with positive rental reversions in most markets, though China continues to face challenges.

• Financial results are pressured by a strong Singapore Dollar and higher borrowing costs as expiring loans are refinanced at higher rates.

• Focus remains on portfolio rejuvenation, disciplined capital management, accretive acquisitions, asset enhancements, and green initiatives.