Mapletree Industrial Trust Coming Dividend

$MAPLETREE INDUSTRIAL TRUST(ME8U.SI)$ Coming Dividend S$0.0339 per share. Ex-date is on 2 Feb 23, Payment Date is on 14 Mar 23, Dividend Yield is 5.65% based on the closing price of S$2.43 on 27 Jan 23 and the dividend distribution frequency is quarterly.

Mapletree Industrial Trust’s distribution per unit (DPU) dropped by 2.9% to 3.39 Singapore cents for its third quarter of FY2022/2023 ended Dec 31, 2022, from 3.49 Singapore cents in the corresponding year-ago period.

On a quarter-on-quarter basis, the DPU rose 0.9%, according to a Thursday (26 Jan 23) bourse filing.

Tham Kuo Wei, CEO of MIT’s manager said “While MIT’s operating metrics remained strong, we encountered headwinds from higher operating expenses and borrowing costs. We have reached another milestone in our portfolio rejuvenation and rebalancing efforts with the completion of the first block of the new high-tech industrial redevelopment project at Kallang Way in November 2022.”

Gross revenue for the trust was up 5 per cent to S$170.4 million for the half-year period, from S$162.4 million in Q3 of FY2021/2022.

Net property income (NPI) grew 4.9 per cent on the year to S$128.8 million for the quarter, from S$122.7 million.

The increases were mainly attributed to contributions from new leases across various clusters in MIT’s Singapore portfolio.

The amount available for distribution, however, declined 1.3 per cent year on year to S$88.4 million, from S$89.5 million previously.

Unitholders can expect to receive their quarterly DPU for Q3 on Mar 14, 2023. The distribution reinvestment plan will apply.

MIT’s capital management remains resilient, with fixed debt at 74.3%, weighted average debt to maturity of 3.8 years, and cost of funds at 3.3% as at Dec 31, 2022.

MIT has 85 properties in Singapore and 56 properties in North America. MIT's property portfolio includes Data Centres, Hi-Tech Buildings, Business Park Buildings, Flatted Factories, Stack-up/Ramp-up Buildings and Light Industrial Buildings. They are strategically located in established industrial estates and business parks, which are served by good transportation infrastructure. These properties are also located near residential housing estates, providing tenants easy access to a skilled and educated workforce.

Average overall portfolio occupancy for Q3 FY2022/2023 increased to 95.7 per cent, from 95.6 per cent in the preceding quarter.

The average occupancy rate for its Singapore portfolio improved to 96.9 per cent, from 96.8 per cent in the second quarter, as higher occupancies were registered across most property segments.

The average occupancy rate for the North American portfolio remained the same at 93.1 per cent in Q3.

Positive rental revisions were achieved across most property segments in Singapore.

63.3% of the tenants have leased the properties for more than 4 years and the tenant retention rate of 92.2% in 3QFY22/23

On its seven-storey purpose-built Kallang Way development, the remaining blocks are slated for completion in the first half of 2023. To date, about 39 per cent of the redevelopment at 161, 163 and 165 Kallang Way’s net lettable area have been committed.