<p>最近的豐樹物流信託財報電話會議呈現出一種平衡的情緒，反映了戰略成就與財務挑戰。儘管公司展示了投資組合的入住率改善和對可持續發展的強烈承諾，但這些都被收入、淨物業收入和每單位分配的下降所抵消。中國市場的持續困難也對這種中性情緒產生了影響。</p>
<h2>投資組合入住率改善</h2>
<p>豐樹物流信託報告稱，投資組合入住率顯著上升，從 95.7% 上升至 96.1%。這一改善得益於包括澳大利亞、越南、印度和香港在內的多個市場實現了 100% 的滿租。這一積極的發展突顯了信託在資產管理和市場戰略定位方面的有效性。</p>
<h2>對可持續發展的承諾</h2>
<p>該信託超越了其可持續發展目標，特別是在太陽能發電能力和綠色建築認證方面。太陽能發電能力達到 56.4 MW，超過 55 MW 的目標，69% 的投資組合按建築面積計算獲得綠色建築認證，豐樹物流信託展現了對環境責任的強烈承諾。</p>
<h2>穩定的債務成本</h2>
<p>該信託的利息成本略微下降至 2.6%，併為即將到來的季度設定了 2.7% 至 2.8% 的穩定利息成本目標。這種債務成本的穩定反映了在市場波動條件下的謹慎財務管理。</p>
<h2>收入和淨物業收入下降</h2>
<p>財報電話會議強調，毛收入同比下降 3.2%，降至 1.77 億新元，同時淨物業收入下降 3.3%。這些下降歸因於貨幣貶值和資產剝離的影響，給信託的財務表現帶來了挑戰。</p>
<h2>每單位分配（DPU）下降</h2>
<p>一個顯著的關注點是每單位分配（DPU）同比下降 10.5%，降至 0.01815 新元。此外，運營 DPU 較去年下降 4.8%，顯示出對股東回報的壓力。</p>
<h2>中國的負租金回升</h2>
<p>該信託在中國面臨負租金回升，記錄為-3.0%，這對整體租金回升數據產生了不利影響。這突顯了中國市場的持續挑戰，影響了信託的租金收入。</p>
<h2>前瞻性指導</h2>
<p>展望未來，豐樹物流信託提供了截至 2025 年 9 月的第二季度指導。儘管毛收入同比下降 3.2%，但信託報告稱運營 DPU 在季度間略有正增長。投資組合的租金回升為正值 0.6%，中國的負租金回升有所改善。管理層由於全球經濟不確定性保持謹慎，但專注於穩定運營並探索印度和越南等新興市場的機會。</p>
<p>總之，豐樹物流信託的財報電話會議反映出一種中性情緒，在入住率和可持續性方面的戰略成就與收入和每單位分配的財務挫折之間取得平衡。信託的前瞻性指導表明了一種謹慎但樂觀的態度，專注於穩定運營並利用新興市場機會。</p>

豐樹物流信託

<p>豐樹物流信託最近的財報電話會議透露了一個平衡的前景，強調了投資組合的入住率改善（提升至 96.1%）和可持續發展成就，同時面臨收入下降（下降 3.2% 至 1.77 億新元）、淨物業收入和每單位分配（下降 10.5% 至 0.01815 新元）。中國市場的挑戰，包括負租金迴歸（下降 3.0%），導致了中性的市場情緒。信託管理層保持謹慎但樂觀，專注於穩定運營並探索印度和越南等新興市場的增長機會</p>

<p>The recent earnings call for Mapletree Logistics Trust presented a balanced sentiment, reflecting both strategic accomplishments and financial challenges. While the company showcased improvements in portfolio occupancy and a strong commitment to sustainability, these were countered by declines in revenue, net property income, and distribution per unit. The ongoing difficulties in the China market also contributed to this neutral sentiment.</p>
<div class="lb-trans"><p>最近的豐樹物流信託財報電話會議呈現出一種平衡的情緒，反映了戰略成就與財務挑戰。儘管公司展示了投資組合的入住率改善和對可持續發展的強烈承諾，但這些都被收入、淨物業收入和每單位分配的下降所抵消。中國市場的持續困難也對這種中性情緒產生了影響。</p>
</div><h2>Improved Portfolio Occupancy</h2>
<div class="lb-trans"><h2>投資組合入住率改善</h2>
</div><p>Mapletree Logistics Trust reported a notable increase in portfolio occupancy, rising from 95.7% to 96.1% year-over-year. This improvement was bolstered by several markets, including Australia, Vietnam, India, and Hong Kong, achieving full occupancy at 100%. This positive development underscores the trust’s effective asset management and strategic market positioning.</p>
<div class="lb-trans"><p>豐樹物流信託報告稱，投資組合入住率顯著上升，從 95.7% 上升至 96.1%。這一改善得益於包括澳大利亞、越南、印度和香港在內的多個市場實現了 100% 的滿租。這一積極的發展突顯了信託在資產管理和市場戰略定位方面的有效性。</p>
</div><h2>Commitment to Sustainability</h2>
<div class="lb-trans"><h2>對可持續發展的承諾</h2>
</div><p>The trust exceeded its sustainability targets, particularly in solar generating capacity and green building certifications. With solar capacity reaching 56.4 MW against a target of 55 MW, and 69% of the portfolio by gross floor area certified as green buildings, Mapletree Logistics Trust demonstrates a strong commitment to environmental responsibility.</p>
<div class="lb-trans"><p>該信託超越了其可持續發展目標，特別是在太陽能發電能力和綠色建築認證方面。太陽能發電能力達到 56.4 MW，超過 55 MW 的目標，69% 的投資組合按建築面積計算獲得綠色建築認證，豐樹物流信託展現了對環境責任的強烈承諾。</p>
</div><h2>Stable Cost of Debt</h2>
<div class="lb-trans"><h2>穩定的債務成本</h2>
</div><p>Interest costs for the trust decreased marginally to 2.6%, with a stable interest cost target set between 2.7% and 2.8% for the upcoming quarters. This stability in debt costs reflects prudent financial management amidst fluctuating market conditions.</p>
<div class="lb-trans"><p>該信託的利息成本略微下降至 2.6%，併為即將到來的季度設定了 2.7% 至 2.8% 的穩定利息成本目標。這種債務成本的穩定反映了在市場波動條件下的謹慎財務管理。</p>
</div><h2>Revenue and Net Property Income Decline</h2>
<div class="lb-trans"><h2>收入和淨物業收入下降</h2>
</div><p>The earnings call highlighted a decline in gross revenue by 3.2% year-on-year to SGD 177 million, alongside a 3.3% drop in net property income. These decreases were attributed to currency depreciation and the impact of asset divestments, posing challenges to the trust’s financial performance.</p>
<div class="lb-trans"><p>財報電話會議強調，毛收入同比下降 3.2%，降至 1.77 億新元，同時淨物業收入下降 3.3%。這些下降歸因於貨幣貶值和資產剝離的影響，給信託的財務表現帶來了挑戰。</p>
</div><h2>Drop in Distribution Per Unit (DPU)</h2>
<div class="lb-trans"><h2>每單位分配（DPU）下降</h2>
</div><p>A significant point of concern was the 10.5% year-on-year decrease in distribution per unit (DPU) to SGD 0.01815. Additionally, the operating DPU was 4.8% lower compared to the previous year, indicating pressures on shareholder returns.</p>
<div class="lb-trans"><p>一個顯著的關注點是每單位分配（DPU）同比下降 10.5%，降至 0.01815 新元。此外，運營 DPU 較去年下降 4.8%，顯示出對股東回報的壓力。</p>
</div><h2>Negative Rent Reversion in China</h2>
<div class="lb-trans"><h2>中國的負租金回升</h2>
</div><p>The trust faced negative rent reversion in China, recorded at -3.0%, which adversely affected the overall rent reversion figures. This highlights ongoing challenges in the Chinese market, impacting the trust’s rental income.</p>
<div class="lb-trans"><p>該信託在中國面臨負租金回升，記錄為-3.0%，這對整體租金回升數據產生了不利影響。這突顯了中國市場的持續挑戰，影響了信託的租金收入。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead, Mapletree Logistics Trust provided guidance for the second quarter ending September 2025. Despite a 3.2% year-on-year decrease in gross revenue, the trust reported a slight positive growth in DPU from operations on a quarter-on-quarter basis. The portfolio’s rental reversion was positive at 0.6%, with improvements in China’s negative rental reversion. The management remains cautious due to global economic uncertainties but is focused on stabilizing operations and exploring opportunities in emerging markets like India and Vietnam.</p>
<div class="lb-trans"><p>展望未來，豐樹物流信託提供了截至 2025 年 9 月的第二季度指導。儘管毛收入同比下降 3.2%，但信託報告稱運營 DPU 在季度間略有正增長。投資組合的租金回升為正值 0.6%，中國的負租金回升有所改善。管理層由於全球經濟不確定性保持謹慎，但專注於穩定運營並探索印度和越南等新興市場的機會。</p>
</div><p>In summary, Mapletree Logistics Trust’s earnings call reflected a neutral sentiment, balancing strategic achievements in occupancy and sustainability with financial setbacks in revenue and distribution per unit. The trust’s forward-looking guidance indicates a cautious yet optimistic approach, with a focus on stabilizing operations and capitalizing on emerging market opportunities.</p>
<div class="lb-trans"><p>總之，豐樹物流信託的財報電話會議反映出一種中性情緒，在入住率和可持續性方面的戰略成就與收入和每單位分配的財務挫折之間取得平衡。信託的前瞻性指導表明了一種謹慎但樂觀的態度，專注於穩定運營並利用新興市場機會。</p>
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豐樹物流信託在財報電話會議中權衡增長與挑戰