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Mapletree Logistics Trust

M44U: XSES (SGP)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 3.90	Wgqs	Qkbkdpprln

Mapletree Logistics Trust's Earnings Underpinned by Well-Diversified Logistics Portfolio

Oct 25, 2023

Business Strategy and Outlook

Mapletree Logistics Trust 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 its 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.

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