- Mapletree Industrial Trust reported 1QFY25/26 DPU of S$3.27 cents, -2.7% q-o-q/-4.7% y-o-y. The decline was mainly due to lower contribution from US DC portfolio, weaker US$ and absence of top-ups.
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- Debt metrics were stable and lower gearing is likely from Singapore divestment.
Relatively stable performance
- Mapletree Industrial Trust reported 1Q revenue and NPI of S$175.9m and S$133.6m, +0.3% and +0.8% y-o-y, respectively. On a q-o-q basis, revenue fell 1.1% while NPI rose 1.9%. Contribution from Osaka DC, lease renewals and lower utility expenses was partially offset by lower income from US DCs.
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- Portfolio occupancy was 91.4% (4Q 91.6%) due to lower occupancy for DC portfolio and Singapore general industrial buildings. Rent reversion for Singapore portfolio was healthy at +8.2% and broad based.
Unlocking value, strengthening portfolio quality
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