Mapletree Logistics Trust announced 3Q financial results

Mapletree Logistics announced its financial report for 3Q 2009. I must say it looks pretty healthy and strong. I owned shares of this company due to its relatively high dividend yield.

Steady 3Q 2009 results

• Amount Distributable of S$29 million is 13% higher than in 3Q 2008
• Improvement driven largely by 10% y-o-y increase in NPI to S$44 million
• 3Q 2009 DPU of 1.48 cents maintained vs 1.48 cents in 2Q 2009

Stable tenant base ensures portfolio resilience

• Approximately 80% of leases expiring in 2009 have been renewed or replaced
• Sustained high portfolio occupancy above 97%
• High quality tenancies, long leases and strong leasing covenants (e.g. ample security deposits, rental escalations, etc.)
• Diversified tenant base

No balance sheet risk

• No refinancing risk in 2009
• Aggregate leverage stable at below 40%