Mapletree Industrial Trust's 4Q FY23/24 Result Review

Basic Profile & Key Statistics

Key Indicators

Performance Highlight

Gross revenue and NPI have seen slight improvements year-over-year, mainly driven by contributions from the newly acquired data centre in Osaka and new leases at the redeveloped property at Mapletree Hi-Tech Park @ Kallang Way. Additionally, distributions declared by joint ventures have significantly increased. Consequently, distribution to unitholders and DPU have improved.

Rental Reversion

The weighted average rental reversion is at 6.6%.

Divestment

MIT divested the Tanglin Halt Cluster in March.

Related Parties Shareholding

The directors of the REIT manager hold a relatively high number of shares.

Lease Profile

The overall lease profile falls within the median range with a well-spread lease expiry.

Debt Profile

Overall, the debt profile is excellent.

Diversification Profile

Despite its geographical concentration, the portfolio exhibits diversification in terms of both properties and tenants.

Key Financial Metrics

Property yield, operating distributable income on capital and operating distributable income margin are relatively high.

DPU Breakdown

• TTM Distribution Breakdown:
• 96.1% from Operation
• 1.4% from Management Fees Paid in Units
• 2.2% from Divestment Proceeds
• 0.3% from Release of Retention

Trends

• Uptrend: NAV per Unit
• Slight Uptrend: Committed Occupancy
• Flat: DPU from Operation
• Downtrend: Adjusted Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin

Relative Valuation

• Dividend Yield - Above +1SD for 1y, 3y & 5y
• P/NAV - Average for 1y, 3y; Below - 1SD for 5y

Author's Opinion

Performance has improved as compared to the previous quarter. DPU remains the same despite no distribution from the divestment in this quarter. For debt, only 2.5% requires refinancing in the next fiscal year.

For more information, check out:

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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.