Mapletree Industrial Trust - OCBC Investment Research 2025-01-23: A Mixed Quarter

• Mapletree Industrial Trust’s 3QFY25 results met our expectations.
• Gross revenue and net property income (NPI) rose 2.0% and 2.6% y-o-y to S$177.3m and S$133.2m, respectively. This was underpinned by higher contributions from its Osaka Data Centre and newly acquired mixed-used facility in Tokyo, coupled with organic growth from positive rental reversions secured previously, but partially offset by loss of income from divestments and lower occupancy rate.

3QFY25 DPU rose 1.5% y-o-y and met our expectations

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Another quarter of robust portfolio weighted average rental reversions of 9.8% for renewal leases in Singapore

• Mapletree Industrial Trust achieved another quarter of robust rental reversions for its renewal leases signed in Singapore. This ranged between 5.4% and 14.4%, culminating in an overall portfolio weighted average rental reversion of 9.8% in 3QFY25 (2QFY25: +10.7%).
• All segments secured higher rental rates from renewals. This came in at +14.4% for Business Park Buildings, +10.1% for Flatted Factories, +8.6% for Stack-Up/Ramp-Up Buildings and +5.4% for Hi-Tech Buildings.

However, portfolio occupancy fell 0.8 ppt q-o-q to 92.1%

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2025-01-23 SGinvestors.io

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