- Mapletree Industrial Trust achieved positive rental revision of 8.8% in 2QFY24 for renewed leases across all property segments in Singapore. The acquisition of Osaka data centre was completed on 28 Sep 23 (only three days of contributions in 2QFY24) and will contribute more meaningfully in 3QFY24.
Mapletree Industrial Trust's 2QFY24 Results
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Resilient financial performance.
- Gross revenue and NPI declined marginally by 0.8% and 1.4% y-o-y respectively in 2QFY24. Distribution declared by JV increased 23.4% y-o-y to S$8.5m.
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Broad-based positive rental reversion.
- Mapletree Industrial Trust achieved positive rental revision of 8.8% for renewed leases across all property segments in Singapore in 2QFY24 (flatted factories: +9.9%, business park: +8.8%, stack-up/ramp-up buildings: +7.6% and hi-tech buildings: +4.7%).
- The average rental rate of the Singapore and North America portfolios increased 0.5% and 0.4% q-o-q respectively to S$2.19psf pm and US$2.42psf pm.
Portfolio occupancy was stable at 93.2%.
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