Mapletree Logistics Trust’s Annual Report: 22 Key Numbers Investors Should Know

Mapletree Logistics Trust (SGX: M44U) released its annual report for the financial year ending 31 March 2017 (FY16/17) in late June.

As a brief background, Mapletree Logistics Trust was listed on 28 July 2005 and is Singapore’s first Asia-Pacific focused logistics real estate investment trust (REIT). We can learn more about the REIT from its annual report.

With that in mind, here are 22 key figures investors should know:

1. At the end of FY16/17, Mapletree Logistics Trust had 127 properties in eight geographical markets, with a gross floor area of 3.7 million. The set of industrial properties is estimated to be worth $5.5 billion. Singapore remains a cornerstone for the REIT with 50 properties.

2. The REIT generated $373.1 million for FY16/17. The Garden City was the largest contributor, accounting for 38.7% of total sales. The next largest markets were in Japan and Hong Kong with a 19.3% and 14.9% contribution respectively.   

3. Mapletree Logistics Trust’s properties serve a wide variety of customers. The food and beverage (F&B) industry accounted for 24% of revenue from major end-users followed by electronics and IT (information technology) at 17%. Multi-tenanted buildings (MTB) accounted for 57% of revenue with the other 43% coming from single user assets (SUA).  

4. Next, we take a look at debt. Mapletree Logistics Trust has a debt load of $2.2 billion at the end of the fiscal year, which adds up to a 38.5% aggregate leverage. The effective interest rate was around 2.3% while the interest cover ratio was 5.6 times. The REIT had undrawn banking facilities of $840 million at the end of FY16/17.

5. Let’s turn our eyes to management compensation. The REIT manager is entitled to a base fee of 0.5% per year of the value of its properties, and a 3.6% annual performance fee of the REIT’s net property income (NPI). There is also an acquisitions fee of not more than 1% and a divestment fee that does not exceed 0.5%.  

6. On the unit ownership side, Singapore’s Temasek Holdings (Private) Limited has the biggest share in the REIT with a deemed interest of 40.1% in Mapletree Logistics Trust.  

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Chin Hui Leong owns units in Mapletree Logistics Trust.