Mapletree Industrial Trust's 4Q FY23/24 Result Review
Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Gross revenue and NPI have seen slight improvements year-over-year, mainly driven by contributions from the newly acquired data centre in Osaka and new leases at the redeveloped property at Mapletree Hi-Tech Park @ Kallang Way. Additionally, distributions declared by joint ventures have significantly increased. Consequently, distribution to unitholders and DPU have improved.
Rental Reversion
The weighted average rental reversion is at 6.6%.
Divestment
MIT divested the Tanglin Halt Cluster in March.
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 excellent.
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:96.1% from Operation1.4% from Management Fees Paid in Units2.2% from Divestment Proceeds0.3% from Release of Retention
Trends
Uptrend: NAV per Unit
Slight Uptrend: Committed Occupancy
Flat: DPU from Operation
Downtrend: Adjusted Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
Dividend Yield - Above +1SD for 1y, 3y & 5y
P/NAV - Average for 1y, 3y; Below - 1SD for 5y
Author's Opinion
Performance has improved as compared to the previous quarter. DPU remains the same despite no distribution from the divestment in this quarter. For debt, only 2.5% requires refinancing in the next fiscal year.
For more information, check out REIT-TIREMENT
*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 own findings and should not be considered as 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 decision
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
- Shenpwe·05-10Wah, solid review lah!LikeReport
- FabianGracie·05-10Keep up the good work!LikeReport