Mapletree Industrial Trust 1QFY25 - UOB Kay Hian 2024-07-29: Steady Execution In Singapore; Focused On Expansion In Data Centres

• Mapletree Industrial Trust (SGX:ME8U) achieved broad-based positive rental revision of 9.2% in 1QFY25 for renewed leases across all property segments in Singapore, and reported DPU of 3.43 cents for 1QFY25, which was in line with our expectation.

Expanded into Japan’s data centre market.

• - Read this at SGinvestors.io -
• Distribution declared by its second data centre JV, Mapletree Rosewood Data Centre Trust (MRODCT), rose 46% y-o-y to S$7.4m as distribution was withheld last year due to Cyxtera filing for chapter 11 bankruptcy. Cyxtera was subsequently acquired by Brookfield, merged with Evoque and rebranded as Centersquare.

Broad-based positive reversion from all property segments in Singapore.

• Mapletree Industrial Trust achieved weighted average rental revision rate of 9.2% for its Singapore portfolio in 1QFY25 (flatted factories: 12.3%, business parks: 11.5% and stack-up/ramp-up buildings: 7.9%).
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Singapore portfolio occupancy stable at 93.6%.

• Occupancy for hi-tech buildings improved 0.7ppt q-o-q to 89.3%. Occupancy at Mapletree Hi-Tech Park further improved 2.2ppt q-o-q to 53.5% in 1QFY25.
• Management continues to source for potential tenants in the advanced manufacturing, information & communication and automation & robotics industries, especially those requiring large and contiguous floor plates.

Backfilled vacancy at Brentwood, Tennessee.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-07-29 SGinvestors.io

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