- With higher operating and borrowing costs pressuring distribution, we lower our estimates, trim our Mapletree Industrial Trust target price by 6% to S$2.15, and maintain HOLD.
New projects help to offset higher funding cost
- - Read this at SGinvestors.io -
- Contributions from redevelopments and acquisitions grew the top line. Portfolio occupancy slipped further while rental reversion was positive but on a moderating trend. Same-store values fell for the US.
- Management remains focused on portfolio rebalancing and capital management.
Top line growing organically and inorganically
- - Read this at SGinvestors.io -
- Distribution from JVs grew 22.5% q-o-q, 33.7% y-o-y in 4QFY24 while full-year distribution from JVs rose 11.5%.
- Higher payout and still-low funding cost helped the growth. However, higher funding cost mitigated growth in distribution.
Proactive portfolio and capital management
- Read more at SGinvestors.io.
