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Thursday, October 22, 2009

Mapletree Logistics Trust announced 3Q financial results

Mapletree Logistics announced its financial report for 3Q 2009. I must say it looks pretty healthy and strong. I owned shares of this company due to its relatively high dividend yield.

Steady 3Q 2009 results
  • Amount Distributable of S$29 million is 13% higher than in 3Q 2008
  • Improvement driven largely by 10% y-o-y increase in NPI to S$44 million
  • 3Q 2009 DPU of 1.48 cents maintained vs 1.48 cents in 2Q 2009
Stable tenant base ensures portfolio resilience
  • Approximately 80% of leases expiring in 2009 have been renewed or replaced
  • Sustained high portfolio occupancy above 97%
  • High quality tenancies, long leases and strong leasing covenants (e.g. ample security deposits, rental escalations, etc.)
  • Diversified tenant base
No balance sheet risk
  • No refinancing risk in 2009
  • Aggregate leverage stable at below 40%

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