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2022-10-11

Mapletree Logistics Trust’s Share Price Has Fallen 20% in a Year: Can the Logistics REIT Recover?<blockquote>丰树物流信托股价一年内下跌 20%：物流房地产投资信托基金能否复苏？</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":666359949,"tweetId":"666359949","gmtCreate":1665454040182,"gmtModify":1665454041366,"author":{"id":3583131237618472,"idStr":"3583131237618472","authorId":3583131237618472,"authorIdStr":"3583131237618472","name":"AdrinaChow","avatar":"https://static.tigerbbs.com/d1b867f4c2019d6ec313665b1af8431b","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":46,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/666359949","repostId":1162511567,"repostType":4,"repost":{"id":"1162511567","kind":"news","pubTimestamp":1665453823,"share":"https://www.laohunote.com/m/news/1162511567?lang=zh_CN&edition=full","pubTime":"2022-10-11 10:03","market":"sg","language":"en","title":"Mapletree Logistics Trust’s Share Price Has Fallen 20% in a Year: Can the Logistics REIT Recover?<blockquote>丰树物流信托股价一年内下跌 20%： 物流房地产投资信托基金能否复苏？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1162511567","media":"smart investor","summary":"The feelgood effect is all around as economies open up and people resume travelling again.Social med","content":"<html><head></head><body><img src=\"https://static.tigerbbs.com/c586c78d30c239bf580104111122fb20\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The feelgood effect is all around as economies open up and people resume travelling again.<blockquote><html><head></head><body>随着经济的开放和人们再次恢复旅行，这种感觉良好的效果无处不在。</body></html></blockquote>Social media posts are starting to fill up with families travelling to distant parts of the world after a two-year pause.<blockquote>在中断两年后，社交媒体帖子开始充斥着前往世界遥远地方旅行的家庭。</blockquote>The spike in consumer demand may not last, though.<blockquote>不过，消费者需求的激增可能不会持续太久。</blockquote>Singapore is seeing a decade-high coreinflationwhileinterest ratesare also surging.<blockquote>新加坡正经历十年来最高的核心通胀，同时利率也在飙升。</blockquote>REITshave bore the brunt of these effects as investors fret over the sustainability of their distributions.<blockquote>由于投资者担心其分配的可持续性，REITshave 首当其冲地受到了这些影响。</blockquote>Mapletree Logistics Trust (SGX: M44U), or MLT, is one such example.<blockquote>丰树物流信托(SGX：M44U)或MLT就是一个这样的例子。</blockquote>The logistics REIT has seen its unit price plunge 20% within a year, and is now trading close to a 52-week low of S$1.50.<blockquote>该物流房地产投资信托基金的单价在一年内暴跌了 20%，目前交易价格接近 1.50 新元的 52 周低点。</blockquote>Can MLT see a recovery in its share price anytime soon?<blockquote>MLT 的股价能否很快复苏？</blockquote><h2>Backed by a strong sponsor</h2>The good news is that MLT is backed by a strong sponsor in Mapletree Investments Pte Ltd (MIPL).<blockquote><h2>有强大的赞助商支持</h2>好消息是，MLT 得到了丰树投资私人有限公司 (MIPL) 的强大赞助商的支持。</blockquote>MIPL is a global real estate development, investment and property management firm that manages three REITs and six private equity funds, with total assets under management (AUM) of S$78.7 billion as of 31 March 2022.<blockquote>MIPL是一家全球房地产开发、投资和物业管理公司，管理着三个房地产投资信托基金和六个私募股权基金，截至2022年3月31日，管理资产总额（AUM）为787亿新元。</blockquote>The strength and reputation of the sponsor is an important factor for income-seeking investors looking for safe refuge from the upcoming economic storm.<blockquote>保荐人的实力和声誉是寻求收入的投资者在即将到来的经济风暴中寻找安全避难所的重要因素。</blockquote>Not only does the sponsor help to support the REIT in times of trouble, but it can also provide it with a pipeline of properties for acquisition.<blockquote>保荐人不仅可以在房地产投资信托基金陷入困境时为其提供支持，还可以为其提供一系列可供收购的房产。</blockquote>This double benefit means that investors need not worry that MLT will flounder should arecessionhit.<blockquote>这种双重好处意味着投资者不必担心如果经济衰退来袭，MLT 会陷入困境。</blockquote><h2>Adequate buffers in place</h2>Another important question for investors is whether the REIT will be adversely impacted by the rapid rise in interest rates.<blockquote><h2>有足够的缓冲器</h2>投资者的另一个重要问题是房地产投资信托基金是否会受到利率快速上升的不利影响。</blockquote>In this regard, MLT has buffers in place to mitigate its impact.<blockquote>在这方面，MLT有缓冲措施来减轻其影响。</blockquote>80% of the REIT’s borrowings of S$5 billion as of 30 June 2022 are either hedged or locked into fixed rates.<blockquote>截至 2022 年 6 月 30 日，房地产投资信托基金的 50 亿新元借款中有 80% 被对冲或锁定在固定利率中。</blockquote>Also, MLT maintains a well-staggered debt maturity profile, with a maximum of 20% of its debt coming due in any fiscal year.<blockquote>此外，MLT 保持着良好的债务期限交错，任何财政年度最多有 20% 的债务到期。</blockquote>In addition, only 9% of the REIT’s borrowings are due in fiscal 2023 (FY2023) ending 31 March 2023, with the REIT manager already having committed credit facilities in place to refinance the S$460 million needed.<blockquote>此外，在截至 2023 年 3 月 31 日的 2023 财年（2023 财年），只有 9% 的房地产投资信托基金的借款到期，而房地产投资信托基金管理人已经承诺为所需的 4.6 亿新元进行再融资。</blockquote>The furthest maturity date even stretches all the way past FY2030 amounting to 10% of MLT’s loans.<blockquote>最远的到期日甚至超过了 2030 财年，占 MLT 贷款的 10%。</blockquote>Finally, the weighted average annualised cost of debt for MLT remained low at 2.3%, just slightly higher than the 2.2% logged three months earlier.<blockquote>最后，MLT 的加权平均年化债务成本保持在 2.3% 的低位，仅略高于三个月前的 2.2%。</blockquote><h2>Acquisitions and a redevelopment</h2>Another positive for MLT is its steady track record of yield-accretive acquisitions.<blockquote><h2>收购及重建</h2>MLT 的另一个积极因素是其稳定的增产收购记录。</blockquote>For FY2022, the REIT successfully concluded seven sets of acquisitions of logistics properties in countries such as Singapore, Australia, Japan, Vietnam, China, South Korea and Malaysia.<blockquote>于二零二二财政年度，产业信讬成功完成七套位于新加坡、澳洲、日本、越南、中国、韩国及马来西亚等国家的物流物业收购。</blockquote>Back in FY2021, MLT conducted six sets of acquisitions in India, Australia, Japan and China.<blockquote>早在2021财年，MLT就在印度、澳大利亚、日本和中国进行了六轮收购。</blockquote>And for the first quarter of FY2023 (1Q2023), two acquisitions were completed in both China and South Korea.<blockquote>2023财年第一季度（2023年第一季度），在中国和韩国完成了两项收购。</blockquote>These acquisitions have boosted MLT’s distribution per unit (DPU) over the years.<blockquote>多年来，这些收购提高了 MLT 的单位分销（DPU）。</blockquote>MLT is also slated to spend S$197 million to redevelop six blocks of industrial facilities at 51 Benoi Road in Singapore.<blockquote>MLT 还计划斥资 1.97 亿新元重新开发新加坡贝诺伊路 51 号的六座工业设施。</blockquote>Targeted to be completed by 1Q2025, the redevelopment will more than double the property’s gross floor area from 391,000 square feet (sqft) to 887,000 sqft.<blockquote>该重建项目计划于 2025 年第一季度完工，将把该物业的总建筑面积从 39.1 万平方英尺（sqft）增加到 88.7 万平方英尺，增加一倍多。</blockquote>This redevelopment will increase rental income for the REIT and is an effective way to grow its top line organically.<blockquote>此次重建将增加房地产投资信托基金的租金收入，是有机增长其收入的有效途径。</blockquote><h2>An attractive yield with strong operating metrics</h2>Being an industrial REIT, MLT is more resilient than other property sub-classes such as retail and commercial that may be sensitive to economic fluctuations.<blockquote><h2>具有强大运营指标的有吸引力的收益率</h2>作为工业房地产投资信托基金，MLT 比零售和商业等其他可能对经济波动敏感的房地产子类别更具弹性。</blockquote>Its portfolio occupancy remained healthy at 96.8% as of 30 June 2022.<blockquote>截至2022年6月30日，其投资组合占用率保持在96.8%。</blockquote>The REIT also registered positive rental reversion of 3.4% for 1Q2023, demonstrating its ability to chalk up organic rental growth.<blockquote>该房地产投资信托基金在 2023 年第一季度还录得 3.4% 的正租金回升，表明其有能力实现有机租金增长。</blockquote>With 185 properties across eight countries under its belt, MLT is also adequately diversified.<blockquote>MLT 在八个国家拥有 185 家酒店，业务也十分多元化。</blockquote>The REIT’s top 10 tenants account for around a quarter of total gross revenue, with the largest tenant contributing just 6.3% of gross rental.<blockquote>房地产投资信托基金的前 10 名租户约占总收入的四分之一，其中最大的租户仅占总租金的 6.3%。</blockquote>MLT’s tenant base is spread out in different trade sectors such as food and beverage (21%) and consumer staples (20%), which have the ability to withstand tough economic conditions as they provide necessary products.<blockquote>MLT 的租户群体分布在不同的贸易领域，如食品和饮料（21%）和必需消费品（20%），这些行业有能力在提供必要产品的同时承受严峻的经济形势。</blockquote>It seems the REIT has all the ingredients in place to get through the current tough conditions and emerge stronger.<blockquote>房地产投资信托基金似乎具备了度过当前严峻形势并变得更加强大的所有要素。</blockquote>Units of MLT provide a 5.7% trailing 12-month distribution yield.<blockquote>MLT 单位提供 5.7% 的过去 12 个月分配收益率。</blockquote></body></html><blockquote></blockquote>","source":"lsy1602567310727","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mapletree Logistics Trust’s Share Price Has Fallen 20% in a Year: Can the Logistics REIT Recover?<blockquote>丰树物流信托股价一年内下跌 20%： 物流房地产投资信托基金能否复苏？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMapletree Logistics Trust’s Share Price Has Fallen 20% in a Year: Can the Logistics REIT Recover?<blockquote>丰树物流信托股价一年内下跌 20%： 物流房地产投资信托基金能否复苏？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nsmart investor2022-10-11 10:03\n\n</h4>\n</header>\n<article>\n<html><head></head><body><img src=\"https://static.tigerbbs.com/c586c78d30c239bf580104111122fb20\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>The feelgood effect is all around as economies open up and people resume travelling again.<blockquote><html><head></head><body>随着经济的开放和人们再次恢复旅行，这种感觉良好的效果无处不在。</body></html></blockquote>Social media posts are starting to fill up with families travelling to distant parts of the world after a two-year pause.<blockquote>在中断两年后，社交媒体帖子开始充斥着前往世界遥远地方旅行的家庭。</blockquote>The spike in consumer demand may not last, though.<blockquote>不过，消费者需求的激增可能不会持续太久。</blockquote>Singapore is seeing a decade-high coreinflationwhileinterest ratesare also surging.<blockquote>新加坡正经历十年来最高的核心通胀，同时利率也在飙升。</blockquote>REITshave bore the brunt of these effects as investors fret over the sustainability of their distributions.<blockquote>由于投资者担心其分配的可持续性，REITshave 首当其冲地受到了这些影响。</blockquote>Mapletree Logistics Trust (SGX: M44U), or MLT, is one such example.<blockquote>丰树物流信托(SGX：M44U)或MLT就是一个这样的例子。</blockquote>The logistics REIT has seen its unit price plunge 20% within a year, and is now trading close to a 52-week low of S$1.50.<blockquote>该物流房地产投资信托基金的单价在一年内暴跌了 20%，目前交易价格接近 1.50 新元的 52 周低点。</blockquote>Can MLT see a recovery in its share price anytime soon?<blockquote>MLT 的股价能否很快复苏？</blockquote><h2>Backed by a strong sponsor</h2>The good news is that MLT is backed by a strong sponsor in Mapletree Investments Pte Ltd (MIPL).<blockquote><h2>有强大的赞助商支持</h2>好消息是，MLT 得到了丰树投资私人有限公司 (MIPL) 的强大赞助商的支持。</blockquote>MIPL is a global real estate development, investment and property management firm that manages three REITs and six private equity funds, with total assets under management (AUM) of S$78.7 billion as of 31 March 2022.<blockquote>MIPL是一家全球房地产开发、投资和物业管理公司，管理着三个房地产投资信托基金和六个私募股权基金，截至2022年3月31日，管理资产总额（AUM）为787亿新元。</blockquote>The strength and reputation of the sponsor is an important factor for income-seeking investors looking for safe refuge from the upcoming economic storm.<blockquote>保荐人的实力和声誉是寻求收入的投资者在即将到来的经济风暴中寻找安全避难所的重要因素。</blockquote>Not only does the sponsor help to support the REIT in times of trouble, but it can also provide it with a pipeline of properties for acquisition.<blockquote>保荐人不仅可以在房地产投资信托基金陷入困境时为其提供支持，还可以为其提供一系列可供收购的房产。</blockquote>This double benefit means that investors need not worry that MLT will flounder should arecessionhit.<blockquote>这种双重好处意味着投资者不必担心如果经济衰退来袭，MLT 会陷入困境。</blockquote><h2>Adequate buffers in place</h2>Another important question for investors is whether the REIT will be adversely impacted by the rapid rise in interest rates.<blockquote><h2>有足够的缓冲器</h2>投资者的另一个重要问题是房地产投资信托基金是否会受到利率快速上升的不利影响。</blockquote>In this regard, MLT has buffers in place to mitigate its impact.<blockquote>在这方面，MLT有缓冲措施来减轻其影响。</blockquote>80% of the REIT’s borrowings of S$5 billion as of 30 June 2022 are either hedged or locked into fixed rates.<blockquote>截至 2022 年 6 月 30 日，房地产投资信托基金的 50 亿新元借款中有 80% 被对冲或锁定在固定利率中。</blockquote>Also, MLT maintains a well-staggered debt maturity profile, with a maximum of 20% of its debt coming due in any fiscal year.<blockquote>此外，MLT 保持着良好的债务期限交错，任何财政年度最多有 20% 的债务到期。</blockquote>In addition, only 9% of the REIT’s borrowings are due in fiscal 2023 (FY2023) ending 31 March 2023, with the REIT manager already having committed credit facilities in place to refinance the S$460 million needed.<blockquote>此外，在截至 2023 年 3 月 31 日的 2023 财年（2023 财年），只有 9% 的房地产投资信托基金的借款到期，而房地产投资信托基金管理人已经承诺为所需的 4.6 亿新元进行再融资。</blockquote>The furthest maturity date even stretches all the way past FY2030 amounting to 10% of MLT’s loans.<blockquote>最远的到期日甚至超过了 2030 财年，占 MLT 贷款的 10%。</blockquote>Finally, the weighted average annualised cost of debt for MLT remained low at 2.3%, just slightly higher than the 2.2% logged three months earlier.<blockquote>最后，MLT 的加权平均年化债务成本保持在 2.3% 的低位，仅略高于三个月前的 2.2%。</blockquote><h2>Acquisitions and a redevelopment</h2>Another positive for MLT is its steady track record of yield-accretive acquisitions.<blockquote><h2>收购及重建</h2>MLT 的另一个积极因素是其稳定的增产收购记录。</blockquote>For FY2022, the REIT successfully concluded seven sets of acquisitions of logistics properties in countries such as Singapore, Australia, Japan, Vietnam, China, South Korea and Malaysia.<blockquote>于二零二二财政年度，产业信讬成功完成七套位于新加坡、澳洲、日本、越南、中国、韩国及马来西亚等国家的物流物业收购。</blockquote>Back in FY2021, MLT conducted six sets of acquisitions in India, Australia, Japan and China.<blockquote>早在2021财年，MLT就在印度、澳大利亚、日本和中国进行了六轮收购。</blockquote>And for the first quarter of FY2023 (1Q2023), two acquisitions were completed in both China and South Korea.<blockquote>2023财年第一季度（2023年第一季度），在中国和韩国完成了两项收购。</blockquote>These acquisitions have boosted MLT’s distribution per unit (DPU) over the years.<blockquote>多年来，这些收购提高了 MLT 的单位分销（DPU）。</blockquote>MLT is also slated to spend S$197 million to redevelop six blocks of industrial facilities at 51 Benoi Road in Singapore.<blockquote>MLT 还计划斥资 1.97 亿新元重新开发新加坡贝诺伊路 51 号的六座工业设施。</blockquote>Targeted to be completed by 1Q2025, the redevelopment will more than double the property’s gross floor area from 391,000 square feet (sqft) to 887,000 sqft.<blockquote>该重建项目计划于 2025 年第一季度完工，将把该物业的总建筑面积从 39.1 万平方英尺（sqft）增加到 88.7 万平方英尺，增加一倍多。</blockquote>This redevelopment will increase rental income for the REIT and is an effective way to grow its top line organically.<blockquote>此次重建将增加房地产投资信托基金的租金收入，是有机增长其收入的有效途径。</blockquote><h2>An attractive yield with strong operating metrics</h2>Being an industrial REIT, MLT is more resilient than other property sub-classes such as retail and commercial that may be sensitive to economic fluctuations.<blockquote><h2>具有强大运营指标的有吸引力的收益率</h2>作为工业房地产投资信托基金，MLT 比零售和商业等其他可能对经济波动敏感的房地产子类别更具弹性。</blockquote>Its portfolio occupancy remained healthy at 96.8% as of 30 June 2022.<blockquote>截至2022年6月30日，其投资组合占用率保持在96.8%。</blockquote>The REIT also registered positive rental reversion of 3.4% for 1Q2023, demonstrating its ability to chalk up organic rental growth.<blockquote>该房地产投资信托基金在 2023 年第一季度还录得 3.4% 的正租金回升，表明其有能力实现有机租金增长。</blockquote>With 185 properties across eight countries under its belt, MLT is also adequately diversified.<blockquote>MLT 在八个国家拥有 185 家酒店，业务也十分多元化。</blockquote>The REIT’s top 10 tenants account for around a quarter of total gross revenue, with the largest tenant contributing just 6.3% of gross rental.<blockquote>房地产投资信托基金的前 10 名租户约占总收入的四分之一，其中最大的租户仅占总租金的 6.3%。</blockquote>MLT’s tenant base is spread out in different trade sectors such as food and beverage (21%) and consumer staples (20%), which have the ability to withstand tough economic conditions as they provide necessary products.<blockquote>MLT 的租户群体分布在不同的贸易领域，如食品和饮料（21%）和必需消费品（20%），这些行业有能力在提供必要产品的同时承受严峻的经济形势。</blockquote>It seems the REIT has all the ingredients in place to get through the current tough conditions and emerge stronger.<blockquote>房地产投资信托基金似乎具备了度过当前严峻形势并变得更加强大的所有要素。</blockquote>Units of MLT provide a 5.7% trailing 12-month distribution yield.<blockquote>MLT 单位提供 5.7% 的过去 12 个月分配收益率。</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://thesmartinvestor.com.sg/mapletree-logistics-trusts-share-price-has-fallen-20-in-a-year-can-the-logistics-reit-recover/\">smart investor</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"M44U.SI":"丰树物流信托"},"source_url":"https://thesmartinvestor.com.sg/mapletree-logistics-trusts-share-price-has-fallen-20-in-a-year-can-the-logistics-reit-recover/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1162511567","content_text":"The feelgood effect is all around as economies open up and people resume travelling again.Social media posts are starting to fill up with families travelling to distant parts of the world after a two-year pause.The spike in consumer demand may not last, though.Singapore is seeing a decade-high coreinflationwhileinterest ratesare also surging.REITshave bore the brunt of these effects as investors fret over the sustainability of their distributions.Mapletree Logistics Trust (SGX: M44U), or MLT, is one such example.The logistics REIT has seen its unit price plunge 20% within a year, and is now trading close to a 52-week low of S$1.50.Can MLT see a recovery in its share price anytime soon?Backed by a strong sponsorThe good news is that MLT is backed by a strong sponsor in Mapletree Investments Pte Ltd (MIPL).MIPL is a global real estate development, investment and property management firm that manages three REITs and six private equity funds, with total assets under management (AUM) of S$78.7 billion as of 31 March 2022.The strength and reputation of the sponsor is an important factor for income-seeking investors looking for safe refuge from the upcoming economic storm.Not only does the sponsor help to support the REIT in times of trouble, but it can also provide it with a pipeline of properties for acquisition.This double benefit means that investors need not worry that MLT will flounder should arecessionhit.Adequate buffers in placeAnother important question for investors is whether the REIT will be adversely impacted by the rapid rise in interest rates.In this regard, MLT has buffers in place to mitigate its impact.80% of the REIT’s borrowings of S$5 billion as of 30 June 2022 are either hedged or locked into fixed rates.Also, MLT maintains a well-staggered debt maturity profile, with a maximum of 20% of its debt coming due in any fiscal year.In addition, only 9% of the REIT’s borrowings are due in fiscal 2023 (FY2023) ending 31 March 2023, with the REIT manager already having committed credit facilities in place to refinance the S$460 million needed.The furthest maturity date even stretches all the way past FY2030 amounting to 10% of MLT’s loans.Finally, the weighted average annualised cost of debt for MLT remained low at 2.3%, just slightly higher than the 2.2% logged three months earlier.Acquisitions and a redevelopmentAnother positive for MLT is its steady track record of yield-accretive acquisitions.For FY2022, the REIT successfully concluded seven sets of acquisitions of logistics properties in countries such as Singapore, Australia, Japan, Vietnam, China, South Korea and Malaysia.Back in FY2021, MLT conducted six sets of acquisitions in India, Australia, Japan and China.And for the first quarter of FY2023 (1Q2023), two acquisitions were completed in both China and South Korea.These acquisitions have boosted MLT’s distribution per unit (DPU) over the years.MLT is also slated to spend S$197 million to redevelop six blocks of industrial facilities at 51 Benoi Road in Singapore.Targeted to be completed by 1Q2025, the redevelopment will more than double the property’s gross floor area from 391,000 square feet (sqft) to 887,000 sqft.This redevelopment will increase rental income for the REIT and is an effective way to grow its top line organically.An attractive yield with strong operating metricsBeing an industrial REIT, MLT is more resilient than other property sub-classes such as retail and commercial that may be sensitive to economic fluctuations.Its portfolio occupancy remained healthy at 96.8% as of 30 June 2022.The REIT also registered positive rental reversion of 3.4% for 1Q2023, demonstrating its ability to chalk up organic rental growth.With 185 properties across eight countries under its belt, MLT is also adequately diversified.The REIT’s top 10 tenants account for around a quarter of total gross revenue, with the largest tenant contributing just 6.3% of gross rental.MLT’s tenant base is spread out in different trade sectors such as food and beverage (21%) and consumer staples (20%), which have the ability to withstand tough economic conditions as they provide necessary products.It seems the REIT has all the ingredients in place to get through the current tough conditions and emerge stronger.Units of MLT provide a 5.7% trailing 12-month distribution yield.","news_type":1,"symbols_score_info":{"M44U.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":3753,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/666359949"}