Mapletree Industrial Trust's 1QFY2025 DPU increase by 1.2%to 3.43 cents

The Edge Singapore
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Mapletree Industrial Trust's DPU rose 1.2% y-o-y as operations stabilised and occupancy rose

Mapletree Industrial Trust's distributions per unit (DPU) for 1QFY2025, for the three months to June 30, rose by 1.2% y-o-y to 3.43 cents. Revenue and net property income for 1QFY2025 rose by 2.7% and 1.3% y-o-y to to $175.3 million and $132.5 million respectively. The improvement was mainly attributed to the revenue contributions from the data centre in Osaka, Japan acquired on Sept 28, 2034, and new leases and renewals across various property clusters. Distributable income in the quarter increased by 3.7% y-o-y $97.3 million, which was mainly driven by higher net property income and higher distribution declared by joint venture, Mapletree Rosewood Data Centre Trust.

MIT has successfully secured a replacement tenant to fully lease the facility at 402 Franklin Road, Brentwood. The average North American Portfolio in the quarter  improved to 87.8% from 86.2% in 4QFY2024. Average Singapore Portfolio occupancy remained stable at 93.6%.

Positive rental revisions ranging from 2.7% to 12.3% for renewal leases were achieved across all property segments in Singapore with a weighted average rental revision rate of about 9.2%. The weighted average lease to expiry for the Overall Portfolio as at end-June increased to 4.6 years from 4.4 years as at end-March due to the long lease commitment of 30 years from the new tenant at 402 Franklin Road, Brentwood.

Aggregate leverage ratio crept up to 39.1% as at end-June, from 38.7% as at end-March. Average cost of debt barely budged at 3.2%, and trailing 12 month ICR was 4.3x.

MIT's manager plans to resume distribution reinvestment programme (DRP) to maintain a healthy debt headroom. 

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