MLT – BT

MapletreeLog eyes Mid-East, India, Indonesia

MAPLETREE Logistics Trust (MapletreeLog) is keen to venture into new markets – the Middle East, India and Indonesia – after a busy year of acquisitions.

The industrial real estate investment trust shared these plans yesterday as it posted higher earnings for the fourth quarter ended Dec 31, 2010.

Gross revenue in Q4 was $61 million, rising 20 per cent year-on-year with the help of contributions from 14 properties purchased in the past year.

Net property income grew 20 per cent to $53.8 million, driving total amount distributable to unitholders up 16 per cent to $36.8 million.

Distribution per unit (DPU) in Q4 was 1.55 cents, down from 1.59 cents a year ago. The latter was boosted by a one-time consideration from Prima Limited to extend its leases at a property. Excluding this one-time payment, the DPU in Q4 2009 would have been 1.48 cents, translating to a year-on-year growth in Q4 2010.

MapletreeLog had 96 properties spread across Singapore, Hong Kong, Japan, China, Malaysia, South Korea and Vietnam as at Dec 31. The total book value was $3.5 billion.

Its portfolio has grown with asset purchases. The Reit started the financial year with 82 properties, carrying a book value of $2.9 billion.

MapletreeLog intends to ‘capitalise on the growth potential of the Middle East, India and Indonesia through acquisitions’, said Richard Lai, CEO of the Reit manager. It also has plans to work with its sponsor Mapletree Investments on greenfield developments.

For the full year ended Dec 31, MapletreeLog reported a net property income of $193 million, up 7 per cent from the previous year.

Total amount distributable to unitholders was $130.1 million, rising 10 per cent. DPU for the year was 6.09 cents, higher than the 6.02 cents a year ago.

MapletreeLog’s aggregate leverage as at Dec 31 was 37.7 per cent, dipping from 39.9 per cent a quarter ago. Its target leverage for the medium term is 40-50 per cent.

The weighted average occupancy rate across its portfolio at Dec 31 was about 98 per cent, unchanged from a quarter ago. Shares of MapletreeLog lost half a cent yesterday to close at 98 cents.