Mapletree Investments announced a 6.2% y-o-y rise in net profit to $1.96 billion for the 12 months to March 31, its FY2022, including $1.1 billion in property revaluation gains. Excluding revaluation gains, recurring earnings rose 27.9% y-o-y to $810.2 million.
Assets under management rose by $12.4 billion to $78.7 bbillion. Revenue rose 4.6% y-o-y to $2,861.1 million in FY2022. Group Ebit and joint ventures grew by 9.5% to $2,040.1 million, primarily due to its four Singapore-listed REITs and contributions from new acquisitions in the US and Europe. ROE maintained at above 10%.
As at March 31, 2022, the Group’s cash reserves stood at $2,070.4 million and its debt to equity ratio reduced by 2.2 percentage points to 58.3%. Shareholder’s funds have also increased by 10.5% y-o-y to $19,519.9 million, largely due to higher Patmi in FY2022.
Mapletree had two successful M&As. Unitholders of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) voted overwhelmingly for the scheme of arrangement, and MCT unitholders also voted in favour of the change in fee structure. Elsewhere, Mapletree was part of a consortium, Cuscaden Peak, that acquired Singapore Press Holdings.
In FY2022, Mapletree expanded its student accommodation portfolio with several acquisitions in the UK and US. As at March 31, the group’s student accommodation portfolio comprises 57 assets with over 24,000 beds across 38 cities in Canada, the UK and the US. Mapletree also made several strategic acquisitions of office properties in the US, China and Japan, at a total transactional value of approximately $704 million.
In addition, Mapletree reinforced its global logistics footprint with its first logistics land acquisition in India, a 49.7-acre site in Hoskote, Bengalaru with a development potential of 107,941 square metres in total GFA. The group also grew its global logistics AUM with two portfolio acquisitions in the US at approximately US$3 billion ($4 billion).
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During the FY, Mapletree raised US$2 billion from private funds, with the successful syndication of Mapletree US Income Commercial Trust (MUSIC), a US$552 million office fund in the US, and Mapletree US Logistics Private Trust (MUSLOG), a US$1.4 billion logistics fund also in the US. In terms of capital recycling, the group divested $946 million of logistics assets to Mapletree Logistics Trust.
