Mapletree Industrial Trust (ME8U.SI) Share Price

FY2023/2024 Results Summary

• Revenue: SGD 697.33M

  Increased 2% Year-on-Year

  Driven by revenue contributions from the redevelopment project, Mapletree Hi-Tech Park @ Kallang Way, the data centre in Osaka, Japan acquired on 28 September 2023 as well as new leases and renewals across various property clusters

• Net Property Income (NPI): SGD 521.04M

  Increased 1% Year-on-Year

  Better performance was mainly driven by revenue contributions from new projects and leases

• Rental Reversion: 6.6%

  Positive rental revisions for renewal leases were achieved across all property segments in Singapore in the fourth quarter

• Distribution Per Unit (DPU): SGD 0.13

  Decreased 1% Year-on-Year

  Higher net property income was offset by higher borrowing costs from new borrowings and higher interest rates

• Outlook

  Rising property operating expenses and increases in borrowing costs may continue to exert pressure on distributions. The Manager will adopt cost-mitigating measures and focus on tenant retention as well as prudent capital management to balance the risks and costs in the elevated interest rate environment.

  Sources: Mapletree Industrial Trust Financial Report