Mapletree Industrial Trust (ME8U) Q3 24/25 earnings summary

Executive summary

• Gross revenue for 3QFY24/25 rose 2.0% year-over-year to S$177.3 million, driven by new contributions from the Tokyo acquisition, Osaka Data Centre, and new leases and renewals, offset by divestments and non-renewals.

• Net property income for 3QFY24/25 increased 2.6% year-over-year to S$133.2 million, supported by acquisitions and operational performance.

• Distribution per unit for 3QFY24/25 was 3.41 cents, up 1.5% year-over-year; YTD DPU was 10.21 cents, up 1.4%.

• Total assets under management reached S$9.2 billion as of 31 December 2024, with 141 properties across Singapore, North America, and Japan.

• Portfolio rebalancing and proactive capital management remain key strategies amid macroeconomic uncertainties.

Financial highlights

• YTD FY24/25 gross revenue grew 3.0% year-over-year to S$534.0 million; net property income rose 2.8% to S$400.3 million.

• Distribution to unitholders for YTD FY24/25 was S$290.2 million, up 2.5% year-over-year.

• Borrowing costs for YTD FY24/25 increased marginally by 0.6% to S$79.3 million, while average borrowing cost for 3QFY24/25 decreased to 3.1%.

• Net asset value per unit was S$1.74 as at 31 December 2024, up 1.2% from previous quarter.

• Sequentially, DPU rose 1.2% from the previous quarter.

Outlook and guidance

• Global growth is projected at 2.7% in 2025 and 2026, but risks such as policy uncertainty, inflation, and geopolitical tensions persist.

• Elevated property operating expenses and borrowing costs may pressure distributions; focus remains on cost mitigation, tenant retention, and prudent capital management.

• Data centre demand in North America and Japan remains robust, with supply constraints and strong medium-term demand.