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Mapletree Industrial Trust reports 1QFY23 DPU of 3.49 cents, warns of inflationary pressure ahead

The Edge Singapore
·2-min read

Aggregate leverage ratio was 38.4% as at June 30.

Mapletree Industrial Trust has reported a distribution per unit of 3.49 cents for its 1QFY2023 ended June, up 4.2% y-o-y.

The distribution will go ex on Aug 1 and be paid on Sept 9.

Net property income for the period was $129.9 million, up 24% y-o-y, as the REIT booked contributions from newly acquired data centres in the US.

Revenue in the same period was $167.8 million, up 31% y-o-y.

The REIT was able to report a better occupancy of 95.3% for 1QFY2023, up from 94% in the preceding quarter.

MIT was also able to achieve positive rental revisions across its portfolio in Singapore.

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As part of its portfolio rejuvenation and rebalancing, MIT sold 19 Changi South Street 1 for $13 million on April 21, as well as another property in the US.

For 1QFY23, MIT’s weighted average all-in funding cost increased to 2.5% compared to 2.4% for the previous quarter.

About 72.3% of its gross borrowings of $2.94 billion had been hedged through interest rate swaps and fixed rate borrowings, which will reduce the impact of interest rate fluctuations on distributions.

It kept its aggregate leverage ratio at 38.4% as at June 30.

Tham Kuo Wei, CEO of the REIT’s manager, warns that despite the improvement in the operational performance of its portfolio in Singapore and the US, headwinds in the form of inflationary pressure is seen, possibly leading to higher operating and finance costs.

“During this volatile period, we will focus on cost-mitigating measures while looking for opportunities to improve the portfolio through proactive rejuvenation and rebalancing,” he adds.
Mapletree Industrial Trust closed July 25 at $2.65, up 0.76% for the day but down 2.21% year to date.

 

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