Mapletree Industrial Trust's 3Q FY23/24 Result Review

Basic Profile & Key Statistics

Key Indicators

Performance Highlight

Gross revenue and NPI have improved slightly YoY. The distribution to unitholders (after including divestment proceeds and retention release) increased YoY but DPU declined slightly due to enlarged unitholder base.

Rental Reversion

Positive rental reversion was achieved across all types of buildings with the weighted average rental reversion at 7.2%.

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 good.

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 Distributable Income Breakdown:
• 95% from Operation
• 1.3% from Management Fees Paid in Units
• 2.7% from Divestment Proceeds
• 1% from Release of Retention

Trends

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

Relative Valuation

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

Author's Opinion

Performance is similar as compared to the previous quarter. With the end of distribution from the divestment of 65 Tech Park Crescent and part of the land at 2 and 4 Loyang Lane in this quarter, DPU could be affected. For debt, only 3.2% requires refinancing in the next 3 months, and 11.5% in the next fiscal year.

For more information, check out:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and details of Singapore REIT

REIT Review - List of previous REIT review posts

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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.