Mapletree Industrial Trust - DBS Research 2024-10-30: Positive Asset Management Actions Boost Earnings

• The expiry of the AT&T leases (2nd largest tenant contributing 5% of revenues over 2HFY24 and end FY25) is a key focus area, with the manager actively looking to re-let part / most of its space. We understand that the manager has been able to attract new tenants, which will compensate for the risk of income loss. We have priced in 50% occupancy downtime in our estimates.

Resilient earnings ahead of expectations

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• The overall revenue increase was contributed by a stronger portfolio performance with occupancy rates inching higher to 92.3% while portfolio weighted average rental reversions was a positive 10.7%.
• Mapletree Industrial Trust's capital management strategies remained effective, keeping cost of debt stable at 3.2% (flat q-o-q), which remains below our projection of 3.5% for the year. We note that income from joint-ventures declined 15% y-o-y in 1HFY25 to S$ 15.7mil mainly due to the expiry of interest rate hedges.

Our view

Resilient financial metrics.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-05-02 Mapletree Industrial Trust - Stable Return, Rebalancing For Resilience..

Previous report by DBS:
2025-03-14 Mapletree Industrial Trust - A Resilient Dividend Anchor and Value Play With Mispriced Risks.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
Mapletree Industrial Trust News