Mapletree Industrial Trust - OCBC Investment 2023-10-27: Improvement In Most Key Metrics Though DPU Fell Slightly

• Mapletree Industrial Trust’s 2QFY24 (Jul to Sep 2023) gross revenue and net property income (NPI) declined 0.8% and 1.4% y-o-y to S$174.1m and S$128.6m, respectively.

2QFY24 results met our expectations

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• For 1HFY24, Mapletree Industrial Trust’s NPI inched down 0.3% y-o-y to S$259.4m, while DPU of S$0.0671 represented a dip of 2.0% y-o-y and accounted for 50.6% of our initial forecast.

Portfolio weighted average rental reversions of 8.8% for renewal leases in Singapore

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• The average rental rate for its Singapore and North American portfolios rose 0.5% and 0.4% q-o-q to S$2.19 per square foot per month (psf pm) and US$2.42 psf pm, respectively.

Occupancy supported by addition of data centre acquisition in Japan

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-01-23 Mapletree Industrial Trust - A Mixed Quarter.

Previous report by OCBC:
2024-10-30 Mapletree Industrial Trust - Good Results But Upcoming Non-renewals To Deal With.

Price targets by 2 other brokers at Mapletree Industrial Trust Target Prices.

Listing of research reports at Mapletree Industrial Trust Analyst Reports.

Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividend Payout Dates & Corporate Actions,
Mapletree Industrial Trust News