MAPGF - Mapletree Logistics Trust (MAPGF) Q4 2024 Earnings Call Transcript
2024-04-29 17:22:09 ET
Mapletree Logistics Trust (MAPGF)
Q4 2024 Earnings Conference Call
April 29, 2024 6:00 AM ET
Company Participants
Sharifah Aljunied - Investor Relations Manager
Charmaine Lum - Chief Financial Officer
Kiat Ng - Executive Director and Chief Executive Officer
James Sung - Head, Asset Management & Marketing
Jean Kam - Head, Investment
Conference Call Participants
Mervin Song - JPMorgan
Derek Tan - DBS
Wong Yiew Kiang - KLSA
Jonathan Koh - UOB Kayhian
Brandon Lee - Citigroup
Presentation
Sharifah Aljunied
Hi. Good afternoon. Welcome to MLP’s Results Presentation for the Fourth Quarter and Full Year Ended March 2024. We have the full management team with – here with us today. We’ll start off the presentation with the Charmaine, our CFO. She will go through the key highlights.
Charmaine Lum
Hi, everyone. Thanks for dialing in. I’ll first run through the highlights for 4Q FY ‘23-’24. So for the 4Q, our gross revenue increased 1.2% year-on-year to end at S$181 million. NPI is higher by 0.6% year-on-year at S$155.3 million. However DPU is 2.5% lower at S$2.211 versus the S$2.268 we announced last year.
In terms of our portfolio, our portfolio remains resilient. Portfolio occupancy remains stable at 96%. Average rental reversion is a positive 4.9%, including China. Excluding China, we are looking at a positive 7.1%. WALE remains at about three years. Full – capital management-wise, our leverage pretty sure is at 38.9%. That’s about 84% of our total debt have been hedged into fixed rate with an average debt maturity of 3.8 years, about 78% of our income for the next 12 years have been hedged into Sing dollars.
So we continue to be active in our rejuvenation of the portfolio. We started 4Q with 187 properties. We completed the divestment of 73 Tuas South in Singapore and completed acquisition, completed the divestment of 73 Tuas South in Singapore and completed the acquisition of one India asset during the quarter.
So our portfolio remains at about 187 properties. During the quarter, we also announced the proposed acquisition of three well-located building assets from the sponsor of about S$230 million and one in Malaysia and two in Vietnam.
In terms of sustainability, about 39% of our portfolio is green certified and we are generating about 59.8 megawatt peak of solar energy and also during the quarter itself, we issued our maiden S$75 million green bonds under the Green Finance Framework.
Foregoing, the details of 4Q results, so for this quarter of financial performance continue to be impacted by weaker performance from China, FX losses due to weakening of the regional currencies, as well as higher borrowing cost. Gross revenue is 1.2% higher, mainly due to contributions from acquisitions made at the beginning of the year, also higher contribution from exiting properties. However, this is offset by lower contributions from China which is down about 8% year-on-year absence of revenue contribution from divested properties, as well as currency weakness.
Our fee expenses is higher mainly due to acquisition made at the beginning of the financial year.
Gross revenue and NPI would have increased by 3.6% and 3% respectively on a constant currency basis. Our borrowing costs were higher by 6.9%. This is mainly due to higher average interest rates due to higher base rate on our unhedged loans, as well as higher replacement lease on the hedges that have expired during the financial year.
And this is partly offseted by, as well as incremental borrowing cost to fund the current year’s acquisitions. Then this is the higher interest cost which actually offseted by loan repayments with proceeds from private placement, as well as divestment proceeds....
Mapletree Logistics Trust (MAPGF) Q4 2024 Earnings Call Transcript