- Mapletree Industrial Trust (SGX:ME8U) reported 4Q DPU of S$0.0333, -1.8% q-o-q/-4.6% y-o-y. Contributions from new leases were offset by higher operating and funding costs. Occupancy declined q-o-q even though reversions stayed marginally positive.
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Declining distributions
- Mapletree Industrial Trust's 4Q23 (Jan to Mar 2023) revenue and NPI rose 4.3% and 3.8% y-o-y, respectively. This was led by new leases across various clusters.
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- Mapletree Industrial Trust's FY2022/2023 full year DPU of S$0.1357 came in 0.7% below the FactSet estimate.
- Portfolio value fell on a same-store basis in Singapore due to shorter remaining land tenures, high operating costs and higher buyer’s stamp duties. In the US, the impact of higher cap rates was offset by an increase in market rents.
Difficult operating environment
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