MLT’s Fiscal 2022 in Line; Capital Allocation Upgraded to Exemplary; Raising FVE to SGD 2.00

Mapletree Logistics Trust's, or MLT’s, fiscal 2022 (ending March) results were in line with our expectations. Net property income for the fourth quarter of fiscal 2022 increased by 14.9% year on year to SGD 157.1 million on the back of a 16.5% year-on-year increase on revenue to SGD 182.9 million. The increase is mainly attributable to: 1) higher revenue from existing properties; 2) acquisitions completed throughout fiscal year 2022; and 3) lower rental rebates to tenants affected by COVID-19. However, distribution per unit, or DPU, increased at a slower 5% year on year due to a larger unit base from its equity fund raising exercise in December 2021 and issuance of units as partial consideration for the acquisitions of 12 properties in China in January 2022.