Mapletree Industrial Trust - OCBC Investment Research 2025-05-05: Vacancies The Main Concern

• Mapletree Industrial Trust’s 4QFY25 results met our expectations. Gross revenue and net property income (NPI) both fell slightly by 0.5% y-o-y to S$177.8m and S$131.2m, respectively. This was driven by the non-renewal of leases in its North American portfolio and absence of income from divestments, but partially offset by higher contributions from Japan, including a recent acquisition in Tokyo.

4QFY25 DPU unchanged y-o-y at 3.36 cents and met our expectations.

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• For FY25, Mapletree Industrial Trust’s NPI and DPU rose 2.0% and 1.0% to S$531.5m and 13.57 Singapore cents, with the latter forming 100.3% of our forecast, which was within our expectations.
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Another quarter of solid rental reversions for its renewal leases.

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Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-01-23 Mapletree Industrial Trust - A Mixed Quarter.

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 Dividend Payout Dates & Corporate Actions,
Mapletree Industrial Trust News