During 1Q FY24/25, MLT completed the acquisitions from its Sponsor of three modern, Grade A assets in Malaysia and Vietnam. MLT also completed the divestments of two properties in Malaysia and Singapore for approximately $18.0 million and announced the divestments of another two properties in Singapore and China with a combined value of approximately $26.9 million. As at June 30 MLT’s portfolio comprised 188 assets with a book value of $13.4 billion.
Overall portfolio occupancy was stable at 95.7%, compared to 96.0% last quarter, while the weighted average lease expiry stood at approximately 2.9 years. The portfolio achieved positive rental reversions across MLT’s markets, ranging from 2.1% in Hong Kong SAR to 7.8% in Singapore, except for China which registered negative rental reversion of -11.3%. The overall weighted average rental reversion of leases renewed during the quarter excluding China was 4.6%, including China it was 2.6%.
The leverage ratio stood at 39.6% while the weighted average borrowing cost for 1Q FY24/25 was stable at 2.7% per annum.
