Mapletree Logistics Trust (OTCPK:MAPGF) Q2 2024 Earnings Conference Call October 24, 2023 10:00 PM ET

Company Participants

Sharifah Aljunied – Investor Relations Manager

Charmaine Lum – Chief Financial Officer

Kiat Ng – Executive Director and Chief Executive Officer

James Sung – Head, Asset Management & Marketing

Conference Call Participants

Brandon Lee – Citigroup

Mervin Song – JPMorgan

Joy Wang – HSBC Global Research

Operator

Hi. Good afternoon. Welcome. Just before I start, Sharifah, I like to test, are you able to hear me well? Sharifah?

Sharifah Aljunied

Yes. I hear you.

Operator

Okay. Good. Hi. Good morning. Welcome to our Results Briefing for the Second Quarter and First Half of FY 2023-2024.

So, the full management team is here with us, Kiat, Charmaine, and James. So, now, Charmaine will kick off the presentation.

Charmaine Lum

Hi, morning, everyone. Okay, I’ll bring you through the key highlights of the quarter first. So, for — in 2Q this year, we completed the divestment of four assets; two in Malaysia, one in Singapore, and one in Japan. The net proceeds that we received were used to [Technical Difficulty]. So, this brings our total number properties from 193 at the beginning of the quarter to 189 at the end of the quarter itself.

2Q financial performance remains stable. Gross revenue is higher by 1.5% year-on-year, NTI is higher by 1.2%, and DPU was recurring [ph] S$2.268, 0.9% higher than 2Q last year. Our diversified portfolio continues to be resilient. Portfolio occupancy remains stable, 96.9%. Average rental reversion is a positive 0.2% on a portfolio basis. Excluding China, we are looking at 9.1% higher year-on-year. WALE is stable at three years.

With the repayment of loans with divestment proceeds, our aggregate leverage as of 30th September stands at the 38.9%. About 83% of our total debt has been

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