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2022-10-11
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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REIT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":[],"fanSize":46,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p>Ok</p></body></html>","htmlText":"<html><head></head><body><p>Ok</p></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.laohu8.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REIT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":"<p><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.</p><p><blockquote><html><head></head><body>随着经济开放和人们再次恢复旅行，感觉良好的效果无处不在。</body></html></blockquote></p><p>Social media posts are starting to fill up with families travelling to distant parts of the world after a two-year pause.</p><p><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的家庭。</blockquote></p><p>The spike in consumer demand may not last, though.</p><p><blockquote>不过，消费者需求的激增可能不会持续下去。</blockquote></p><p>Singapore is seeing a decade-high coreinflationwhileinterest ratesare also surging.</p><p><blockquote>新加坡的核心通胀率创十年来新高，同时利率也在飙升。</blockquote></p><p>REITshave bore the brunt of these effects as investors fret over the sustainability of their distributions.</p><p><blockquote>由于投资者担心其分配的可持续性，房地产投资信托基金首当其冲地受到了这些影响。</blockquote></p><p><b>Mapletree Logistics Trust</b> (SGX: M44U), or MLT, is one such example.</p><p><blockquote><b>丰树物流信托</b>（SGX：M44U）或MLT就是一个这样的例子。</blockquote></p><p>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.</p><p><blockquote>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></p><p>Can MLT see a recovery in its share price anytime soon?</p><p><blockquote>MLT的股价能否很快回升？</blockquote></p><p><h2><b>Backed by a strong sponsor</b></h2>The good news is that MLT is backed by a strong sponsor in Mapletree Investments Pte Ltd (MIPL).</p><p><blockquote><h2><b>由强大的赞助商支持</b></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></p><p>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.</p><p><blockquote>MIPL是一家全球房地产开发、投资和物业管理公司，管理着三只房地产投资信托基金和六只私募股权基金，截至2022年3月31日，管理的总资产(AUM)为787亿新元。</blockquote></p><p>The strength and reputation of the sponsor is an important factor for income-seeking investors looking for safe refuge from the upcoming economic storm.</p><p><blockquote>对于寻求收入的投资者来说，保荐人的实力和声誉是一个重要因素，他们在即将到来的经济风暴中寻找避风港。</blockquote></p><p>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.</p><p><blockquote>发起人不仅可以在房地产投资信托基金陷入困境时帮助支持房地产投资信托基金，还可以为其提供一系列可供收购的房产。</blockquote></p><p>This double benefit means that investors need not worry that MLT will flounder should arecessionhit.</p><p><blockquote>这种双重好处意味着投资者不必担心MLT在经济衰退时会陷入困境。</blockquote></p><p><h2><b>Adequate buffers in place</b></h2>Another important question for investors is whether the REIT will be adversely impacted by the rapid rise in interest rates.</p><p><blockquote><h2><b>足够的缓冲到位</b></h2>投资者面临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></p><p>In this regard, MLT has buffers in place to mitigate its impact.</p><p><blockquote>在这方面，MLT有适当的缓冲来减轻其影响。</blockquote></p><p>80% of the REIT’s borrowings of S$5 billion as of 30 June 2022 are either hedged or locked into fixed rates.</p><p><blockquote>截至2022年6月30日，房地产投资信托基金50亿新元的借款中有80%被对冲或锁定为固定利率。</blockquote></p><p>Also, MLT maintains a well-staggered debt maturity profile, with a maximum of 20% of its debt coming due in any fiscal year.</p><p><blockquote>此外，MLT保持着错开的债务到期状况，任何财年最多有20%的债务到期。</blockquote></p><p>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.</p><p><blockquote>此外，房地产投资信托基金的借款中只有9%将于截至2023年3月31日的2023财年（FY2023）到期，房地产投资信托基金管理人已承诺提供信贷便利，为所需的4.6亿新元进行再融资。</blockquote></p><p>The furthest maturity date even stretches all the way past FY2030 amounting to 10% of MLT’s loans.</p><p><blockquote>最远的到期日甚至一直延伸到2030财年之后，相当于MLT贷款的10%。</blockquote></p><p>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.</p><p><blockquote>最后，MLT的加权平均年化债务成本仍保持在2.3%的低位，仅略高于三个月前的2.2%。</blockquote></p><p><h2><b>Acquisitions and a redevelopment</b></h2>Another positive for MLT is its steady track record of yield-accretive acquisitions.</p><p><blockquote><h2><b>收购及重建</b></h2>MLT的另一个积极因素是其稳定的收益增值收购记录。</blockquote></p><p>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.</p><p><blockquote>2022财年，房地产投资信托基金在新加坡、澳大利亚、日本、越南、中国、韩国和马来西亚等国家成功完成了七项物流物业收购。</blockquote></p><p>Back in FY2021, MLT conducted six sets of acquisitions in India, Australia, Japan and China.</p><p><blockquote>早在2021财年，MLT就在印度、澳大利亚、日本和中国进行了六项收购。</blockquote></p><p>And for the first quarter of FY2023 (1Q2023), two acquisitions were completed in both China and South Korea.</p><p><blockquote>2023财年第一季度（1Q2023），在中国和韩国完成了两项收购。</blockquote></p><p>These acquisitions have boosted MLT’s distribution per unit (DPU) over the years.</p><p><blockquote>多年来，这些收购提高了MLT的单位分销(DPU)。</blockquote></p><p>MLT is also slated to spend S$197 million to redevelop six blocks of industrial facilities at 51 Benoi Road in Singapore.</p><p><blockquote>MLT还计划斥资1.97亿新元重新开发新加坡Benoi Road 51号的六个工业设施街区。</blockquote></p><p>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.</p><p><blockquote>重建计划于2025年第一季度完成，将使该物业的总建筑面积增加一倍以上，从391,000平方英尺增至887,000平方英尺。</blockquote></p><p>This redevelopment will increase rental income for the REIT and is an effective way to grow its top line organically.</p><p><blockquote>此次重建将增加房地产投资信托基金的租金收入，是有机增长其营收的有效方式。</blockquote></p><p><h2><b>An attractive yield with strong operating metrics</b></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.</p><p><blockquote><h2><b>具有吸引力的收益率和强大的运营指标</b></h2>作为工业房地产投资信托基金，MLT比可能对经济波动敏感的零售和商业等其他房地产子类别更具弹性。</blockquote></p><p>Its portfolio occupancy remained healthy at 96.8% as of 30 June 2022.</p><p><blockquote>截至2022年6月30日，其投资组合入住率保持健康，为96.8%。</blockquote></p><p>The REIT also registered positive rental reversion of 3.4% for 1Q2023, demonstrating its ability to chalk up organic rental growth.</p><p><blockquote>该房地产投资信托基金在2023年第一季度的租金也实现了3.4%的正回归，证明了其实现有机租金增长的能力。</blockquote></p><p>With 185 properties across eight countries under its belt, MLT is also adequately diversified.</p><p><blockquote>MLT在八个国家拥有185处房产，也足够多元化。</blockquote></p><p>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.</p><p><blockquote>REIT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></p><p>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.</p><p><blockquote>MLT的租户基础分布在不同的贸易领域，例如食品和饮料（21%）和必需消费品（20%），这些行业有能力承受严峻的经济形势，因为它们提供必要的产品。</blockquote></p><p>It seems the REIT has all the ingredients in place to get through the current tough conditions and emerge stronger.</p><p><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条件。</blockquote></p><p>Units of MLT provide a 5.7% trailing 12-month distribution yield.</p><p><blockquote>MLT单位过去12个月的分配收益率为5.7%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","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REIT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{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; 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.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REIT能否复苏？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">smart investor</strong><span class=\"h-time small\">2022-10-11 10:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p><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.</p><p><blockquote><html><head></head><body>随着经济开放和人们再次恢复旅行，感觉良好的效果无处不在。</body></html></blockquote></p><p>Social media posts are starting to fill up with families travelling to distant parts of the world after a two-year pause.</p><p><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的家庭。</blockquote></p><p>The spike in consumer demand may not last, though.</p><p><blockquote>不过，消费者需求的激增可能不会持续下去。</blockquote></p><p>Singapore is seeing a decade-high coreinflationwhileinterest ratesare also surging.</p><p><blockquote>新加坡的核心通胀率创十年来新高，同时利率也在飙升。</blockquote></p><p>REITshave bore the brunt of these effects as investors fret over the sustainability of their distributions.</p><p><blockquote>由于投资者担心其分配的可持续性，房地产投资信托基金首当其冲地受到了这些影响。</blockquote></p><p><b>Mapletree Logistics Trust</b> (SGX: M44U), or MLT, is one such example.</p><p><blockquote><b>丰树物流信托</b>（SGX：M44U）或MLT就是一个这样的例子。</blockquote></p><p>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.</p><p><blockquote>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></p><p>Can MLT see a recovery in its share price anytime soon?</p><p><blockquote>MLT的股价能否很快回升？</blockquote></p><p><h2><b>Backed by a strong sponsor</b></h2>The good news is that MLT is backed by a strong sponsor in Mapletree Investments Pte Ltd (MIPL).</p><p><blockquote><h2><b>由强大的赞助商支持</b></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></p><p>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.</p><p><blockquote>MIPL是一家全球房地产开发、投资和物业管理公司，管理着三只房地产投资信托基金和六只私募股权基金，截至2022年3月31日，管理的总资产(AUM)为787亿新元。</blockquote></p><p>The strength and reputation of the sponsor is an important factor for income-seeking investors looking for safe refuge from the upcoming economic storm.</p><p><blockquote>对于寻求收入的投资者来说，保荐人的实力和声誉是一个重要因素，他们在即将到来的经济风暴中寻找避风港。</blockquote></p><p>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.</p><p><blockquote>发起人不仅可以在房地产投资信托基金陷入困境时帮助支持房地产投资信托基金，还可以为其提供一系列可供收购的房产。</blockquote></p><p>This double benefit means that investors need not worry that MLT will flounder should arecessionhit.</p><p><blockquote>这种双重好处意味着投资者不必担心MLT在经济衰退时会陷入困境。</blockquote></p><p><h2><b>Adequate buffers in place</b></h2>Another important question for investors is whether the REIT will be adversely impacted by the rapid rise in interest rates.</p><p><blockquote><h2><b>足够的缓冲到位</b></h2>投资者面临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></p><p>In this regard, MLT has buffers in place to mitigate its impact.</p><p><blockquote>在这方面，MLT有适当的缓冲来减轻其影响。</blockquote></p><p>80% of the REIT’s borrowings of S$5 billion as of 30 June 2022 are either hedged or locked into fixed rates.</p><p><blockquote>截至2022年6月30日，房地产投资信托基金50亿新元的借款中有80%被对冲或锁定为固定利率。</blockquote></p><p>Also, MLT maintains a well-staggered debt maturity profile, with a maximum of 20% of its debt coming due in any fiscal year.</p><p><blockquote>此外，MLT保持着错开的债务到期状况，任何财年最多有20%的债务到期。</blockquote></p><p>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.</p><p><blockquote>此外，房地产投资信托基金的借款中只有9%将于截至2023年3月31日的2023财年（FY2023）到期，房地产投资信托基金管理人已承诺提供信贷便利，为所需的4.6亿新元进行再融资。</blockquote></p><p>The furthest maturity date even stretches all the way past FY2030 amounting to 10% of MLT’s loans.</p><p><blockquote>最远的到期日甚至一直延伸到2030财年之后，相当于MLT贷款的10%。</blockquote></p><p>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.</p><p><blockquote>最后，MLT的加权平均年化债务成本仍保持在2.3%的低位，仅略高于三个月前的2.2%。</blockquote></p><p><h2><b>Acquisitions and a redevelopment</b></h2>Another positive for MLT is its steady track record of yield-accretive acquisitions.</p><p><blockquote><h2><b>收购及重建</b></h2>MLT的另一个积极因素是其稳定的收益增值收购记录。</blockquote></p><p>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.</p><p><blockquote>2022财年，房地产投资信托基金在新加坡、澳大利亚、日本、越南、中国、韩国和马来西亚等国家成功完成了七项物流物业收购。</blockquote></p><p>Back in FY2021, MLT conducted six sets of acquisitions in India, Australia, Japan and China.</p><p><blockquote>早在2021财年，MLT就在印度、澳大利亚、日本和中国进行了六项收购。</blockquote></p><p>And for the first quarter of FY2023 (1Q2023), two acquisitions were completed in both China and South Korea.</p><p><blockquote>2023财年第一季度（1Q2023），在中国和韩国完成了两项收购。</blockquote></p><p>These acquisitions have boosted MLT’s distribution per unit (DPU) over the years.</p><p><blockquote>多年来，这些收购提高了MLT的单位分销(DPU)。</blockquote></p><p>MLT is also slated to spend S$197 million to redevelop six blocks of industrial facilities at 51 Benoi Road in Singapore.</p><p><blockquote>MLT还计划斥资1.97亿新元重新开发新加坡Benoi Road 51号的六个工业设施街区。</blockquote></p><p>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.</p><p><blockquote>重建计划于2025年第一季度完成，将使该物业的总建筑面积增加一倍以上，从391,000平方英尺增至887,000平方英尺。</blockquote></p><p>This redevelopment will increase rental income for the REIT and is an effective way to grow its top line organically.</p><p><blockquote>此次重建将增加房地产投资信托基金的租金收入，是有机增长其营收的有效方式。</blockquote></p><p><h2><b>An attractive yield with strong operating metrics</b></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.</p><p><blockquote><h2><b>具有吸引力的收益率和强大的运营指标</b></h2>作为工业房地产投资信托基金，MLT比可能对经济波动敏感的零售和商业等其他房地产子类别更具弹性。</blockquote></p><p>Its portfolio occupancy remained healthy at 96.8% as of 30 June 2022.</p><p><blockquote>截至2022年6月30日，其投资组合入住率保持健康，为96.8%。</blockquote></p><p>The REIT also registered positive rental reversion of 3.4% for 1Q2023, demonstrating its ability to chalk up organic rental growth.</p><p><blockquote>该房地产投资信托基金在2023年第一季度的租金也实现了3.4%的正回归，证明了其实现有机租金增长的能力。</blockquote></p><p>With 185 properties across eight countries under its belt, MLT is also adequately diversified.</p><p><blockquote>MLT在八个国家拥有185处房产，也足够多元化。</blockquote></p><p>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.</p><p><blockquote>REIT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></p><p>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.</p><p><blockquote>MLT的租户基础分布在不同的贸易领域，例如食品和饮料（21%）和必需消费品（20%），这些行业有能力承受严峻的经济形势，因为它们提供必要的产品。</blockquote></p><p>It seems the REIT has all the ingredients in place to get through the current tough conditions and emerge stronger.</p><p><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条件。</blockquote></p><p>Units of MLT provide a 5.7% trailing 12-month distribution yield.</p><p><blockquote>MLT单位过去12个月的分配收益率为5.7%。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 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></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\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":2227,"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,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/666359949"}
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