by millionairemind » Fri Jan 23, 2009 7:44 am
Published January 23, 2009
MapletreeLog distributable income up 44% in Q4
By VICTOR KATHEYAS
MAPLETREE Logistics Trust (MapletreeLog) yesterday reported total distributable income of $28.3 million for the fourth quarter ended Dec 31, 2008, up 43.7 per cent from last year's corresponding period.
But the distribution per unit (DPU) of 1.46 cents for the quarter was 18 per cent lower than Q4 2007's DPU of 1.78 cents.
MapletreeLog attributed the drop to the full quarter impact from dilution following the rights issue completed in August last year.
For the full year, DPU was 7.24 cents, 10.2 per cent higher than last year's 6.57 cents.
Last year, Chua Tiow Chye, CEO of Mapletree Logistics Trust Management (MLTM), the Reit's manager, had said that the rights issue would leave MapletreeLog with a 'robust balance sheet' which would help make it 'well positioned to operate in the current more uncertain times'.
Net property income for Q4 2008 rose by $9.8 million to $45.1 million. This was helped by a $12.1 million rise in gross revenue to $52.4 million due mainly to contributions from 11 new properties acquired during the year.
There was also a $1.4 million fall in Q4 borrowing costs despite the enlarged portfolio.
As at Dec 31, 2008, the trust's portfolio comprises 81 properties valued at $2.9 billion, including a $94.1 million revaluation gain.
No new acquisitions have been planned for the near term.
Singapore properties accounted for close to half of Q4 2008 net property income, with Hong Kong properties contributing about a quarter.
Portfolio occupancy rates remain high at 99.6 per cent. The trust attributed the resilience of its portfolio to a diversified tenant base and strong leasing covenants.
MapletreeLog's leverage ratio of 38.5 per cent, as at Dec 31, 2008, is marginally higher than the 36.9 per cent as at Sept 30, 2008.
However, it has assured that it has sufficient committed lines to meet its debt obligations when they become due - hence avoiding any refinancing risk.
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch
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