Mapletree Industrial Trust - OCBC Investment 2024-04-29: Ending FY24 With A Solid Credit Profile

• Mapletree Industrial Trust (SGX:ME8U)'s 4QFY24 gross revenue and net property income (NPI) rose 4.4% and 2.2% y-o-y to S$178.7m and S$131.8m respectively, driven by contribution from its acquisition in Japan and ramp up in occupancy at its redeveloped property at Mapletree Hi-Tech Park @ Kallang Way, but partially offset by loss of income from the non-renewal of leases.

4QFY24 results met our expectations

• - Read this at SGinvestors.io -
• Mapletree Industrial Trust's DPU for 4QFY24 edged up 0.9% y-o-y to S$0.0336 and this was the first y-o-y increase in quarterly DPU since 1QFY23.
• For FY24, Mapletree Industrial Trust’s NPI rose 0.6% y-o-y to S$521.0m, while DPU saw a slight decline of 1.0% y-o-y to S$0.1343 and was almost identical to our S$0.1342 forecast.

Portfolio weighted average rental reversions of 6.6% for renewal leases in Singapore in 4QFY24

• - Read this at SGinvestors.io -
• The average rental rate for its Singapore and North American portfolios rose 0.5% and 3.3% q-o-q to S$2.22 per square foot per month (psf pm) and US$2.51 psf pm, respectively.

Portfolio occupancy fell 1.2%pt q-o-q to 91.4% with declines in both Singapore & US

• Read more at SGinvestors.io.

OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-04-29 SGinvestors.io

---