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

Mapletree Logistics Trust, or MLT, is a real estate investment trust focusing on income-producing logistics properties in the Asia Pacific. Most of the trust’s properties are strategically located with good access to key transport networks. The trust’s property portfolio is of good quality, in our view, and well positioned to fill the gap of the limited supply of modern logistics spaces in Asia Pacific. At the same time, the markets that MLT operate in benefit from strong secular tailwinds of e-commerce adoption and growing middle class consumption driving leasing demand for its warehouses. Since IPO, the manager has grown the trust’s assets under management and distribution per unit by using a mixture of leasing, asset enhancement initiatives, or AEIs, and capital recycling.