- 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
- - Read this at SGinvestors.io -
- 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
- - Read this at SGinvestors.io -
- 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
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-07-26
Read also OCBC's most recent report:
2024-10-30 Mapletree Industrial Trust - Good Results But Upcoming Non-renewals To Deal With.
Price targets by 3 other brokers at Mapletree Industrial Trust Target Prices.
Listing of research reports at Mapletree Industrial Trust Analyst Reports.
Relevant links:
Mapletree Industrial Trust Share Price History,
Mapletree Industrial Trust Announcements,
Mapletree Industrial Trust Dividends & Corporate Actions,
Mapletree Industrial Trust News Articles
