Among S-REITs, Mapletree Logistics Trust M44U 0.00% (MLT) had the largest net inflows from retail investors in 1Q2024, totalling around $119 million. This amount was more than twice as much as that invested in Mapletree Pan Asia Commercial Trust N2IU -1.6% (MPACT), the trust that came in second.
Citing information from Bloomberg and the Singapore Exchange S68 -0.11% (SGX), digital wealth management platform Syfe identified the eight S-REITs with the largest retail net inflows during the first quarter in a study released on May 17. In second and third place, MPACT and Keppel DC REITAJBU 0.00% were tied at $54.6 million and $54.3 million, respectively.
The three REITs owned by Mapletree, which also include Mapletree Industrial Trust ME8U 0.00% (MIT), report financial results until the end of March. For the 4QFY2024, which concluded on March 31, MIT and MPACT reported y-o-y increases in distribution per unit (DPU).
Nevertheless, MLT stated that 4QFY2024 saw a y-o-y fall despite profits from divesting. In FY2024, all three REITs reported y-o-y DPU reductions. Granted, the REIT’s results for FY2024 concluded on March 31 were not released until after the trade data through March 27.
MLT has experienced losses in foreign exchange. “Without forex, our revenue [in FY2024] would have risen by 3.6% but it rose by 1.2% instead,” stated Ng Kiat, CEO of MLT’s manager. That was the primary cause of our topline. Furthermore, MLT disclosed that currency fluctuations had a $470 million negative impact on the valuation of its FY2024 portfolio.
MLT recycles its assets in a proactive manner. On May 10, the manager of the company declared that a warehouse at Tuas had sold for $10.5 million, which was 10.5% more than the property’s March appraisal of $9.5 million. MLT will have 187 properties in its portfolio after the disposal.
Ng’s has predicted that DPU growth will probably be negative going forward. “We declared our initial DPU rejection for MLT. As one of the few remaining REITs with a positive DPU, we are powerless to reverse macroeconomic developments like the devaluation of the currency and the environment of rising interest rates, the spokesperson adds. “We will continue to be battered by headwinds from China, higher interest rates, and weaker currencies.”
Read More: Click Here
