Mapletree Industrial Trust - UOB Kay Hian 2024-11-01: Generating Positive Reversions & Stable Occupancies In 2QFY25

• Mapletree Industrial Trust reported DPU of 3.37 cents for 2QFY25 (+1.5% y-o-y), which is in line with our expectations.

Broad-based growth across various asset types.

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• Borrowing costs increased by 3% y-o-y. Distribution from JVs declined 15.5% due to higher borrowing costs as hedges are replaced at higher interest rates.

Commenced new lease with Vanderbilt University Medical Center.

• Occupancy for its Singapore portfolio was stable at 93.7% (hi-tech: 89.3%, business park: 80.6%, flatted factories: 97.7% and stack-up/ramp-up buildings: 98.2%). Committed occupancy at Mapletree Hi-Tech Park improved 1.0ppt q-o-q to 54.5% in 2QFY25.
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Achieved healthy positive reversion in Singapore.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-01 SGinvestors.io

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