- Mapletree Industrial Trust (SGX:ME8U)’s 1QFY25 results were in-line with our expectations. Gross revenue and net property income (NPI) rose 2.7% and 1.3% y-o-y to S$175.3m and S$132.5m, respectively. This was driven by organic growth from previous rental uplifts secured and contribution from its data centre acquisition in Osaka, Japan but partially offset by divestments, lower occupancy rates in the US compared to the same period a year ago and higher property operating expenses.
1QFY25 results met our expectations
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- Overall 1QFY25 Mapletree Industrial Trust's DPU rose 1.2% y-o-y to 3.43 Singapore cents and accounted for 24.8% of our initial FY25 forecast.
Healthy portfolio weighted average rental reversions of 9.2% for renewal leases in Singapore
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- The higher rents secured were broad-based across all segments, coming in at +12.3% for Flatted Factories, +11.5% for Business Park Buildings, +7.9% for Stack-Up/Ramp-Up Buildings and +2.7% for Hi-Tech Buildings. As a result, the average rental rate for Mapletree Industrial Trust’s Singapore portfolio grew 1.8% q-o-q to S$2.26 per square foot per month (psf pm).
Higher occupancy of 91.9% due to recovery in the US
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