Mapletree Industrial Trust's 4Q FY24/25 Result Review

Basic Profile & Key Statistics

Key Indicators

Performance Highlight

Gross revenue and NPI have remained similar YoY. Borrowing costs have decreased due to loan repayment and lower interest on unhedged loans. However, distribution declared by joint ventures has declined significantly YoY due to higher financing costs and the absence of a one-off release of previously withheld amounts. Despite this, the amount available for distribution and DPU rose slightly YoY, supported by the distribution of net divestment gain.

Rental Reversion

MIT achieved a healthy weighted average rental reversion of +8.1%, reflecting strong leasing momentum across key segments such as Hi-Tech Buildings and Data Centres.

Divestment

In April 2025, MIT announced the proposed divestment of the Georgia Data Centre at above the latest valuation. 

Related Parties Shareholding

• REIT Sponsor's Shareholding: Moderate
• REIT Manager's Shareholding: Moderate
• Directors of REIT Manager's Shareholding: Moderate

Lease Profile

• Committed Occupancy: Moderate
• Highest Annual Lease Expiry in 4 Years: Moderate
• WALE: Moderate
• Weighted Average Land Lease Expiry: Less Favorable

Debt Profile

• Adjusted Interest Coverage Ratio: Favorable
• Cost of Debt: Favorable
• Gearing Ratio: Moderate
• Fixed Rate Debt Proportion: Moderate
• Unsecured Debt Proportion: Favorable
• Highest Annual Debt Maturity in 4 Years: Favorable
• WADM: Moderate

Diversification Profile

• Top Geographical Weightage: Less Favorable
• Top Property Weightage: Moderate
• Top 5 Properties' Weightage: Favorable
• Top Tenant Weightage: Moderate
• Top 10 Tenants' Weightage: Favorable

Key Financial Metrics

• Property Yield: Favorable
• Manager's Fees over Operating Distributable Income: Moderate
• Operating Distributable Income on Capital: Favorable
• Operating Distributable Income Margin: Favorable
• Operating Distribution Proportion: Moderate

DPU Breakdown

• TTM Distribution Breakdown:
• 94.3% from Operation
• 1.7% from Management Fees Paid in Units
• 3.5% from Divestment Proceeds
• 0.5% being Retained

Trends (Up to 10 Years)

• Uptrend: DPU from Operations, NAV per Unit, Top 10 Tenants' Weightage
• Slight Uptrend: None
• Flat: Committed Occupancy
• Slight Downtrend: Operating Distribution Proportion
• Downtrend: Adjusted Interest Coverage Ratio, Top 5 Properties' Weightage, Property Yield, Operating Distributable Income over Manager's Fees, Operating Distributable Income on Capital, Operating Distributable Income Margin

Price Range & Relative Valuation Metrics

• Dividend Yield: Above +1SD for 1y, 5y & 10y; Above +2SD for 3y
• P/NAV: Below -1SD for 1y Average for 3y, 5y & 10y

Author's Opinion

Compared to the previous quarter, while gross revenue remained steady, NPI registered a slight decline due to higher property expenses. Distribution from joint ventures also weakened. Combined with increased tax expenses, this led to a slight decline in DPU. On the debt front, approximately 18% is due in the next fiscal year.

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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.