Mapletree Industrial Trust (ME8U) Q4 24/25 earnings summary

Executive summary

• Distribution per unit (DPU) for FY24/25 rose 1.0% year-over-year to 13.57 cents, driven by new contributions from the Osaka and Tokyo acquisitions and positive rental reversions in Singapore.

• Net property income increased 2.0% year-over-year to S$531.5 million, supported by new Japan assets and strong leasing in Singapore.

• Portfolio valuation increased 2.7% year-over-year to S$9,040.2 million, with stable performance and new asset contributions.

• Announced/proposed divestment of Georgia Data Centre at an 18.6% premium to valuation, supporting capital recycling.

• Portfolio occupancy was 91.6% overall, with Singapore at 92.9% and North America at 88.2%, impacted by a tenant exit.

Financial highlights

• Gross revenue for FY24/25 was S$711.8 million, up 2.1% year-over-year; net property income reached S$531.5 million, up 2.0%.

• Borrowing costs decreased 1.4% year-over-year due to loan repayments and lower interest on unhedged loans.

• DPU for FY24/25 was 13.57 cents, a 1.0% increase year-over-year.

• Amount available for distribution rose 3.4% year-over-year to S$397.6 million.

• Quarter-on-quarter, net property income increased to S$131.2 million, but DPU was unchanged at 3.36 cents.

Outlook and guidance

• Rental reversions expected to remain positive but moderate to mid-single digits as COVID-era low base leases cycle out.

• Global economic and policy uncertainty, elevated borrowing costs, and weaker external demand may pressure distributions.

• Manager to focus on leasing, tenant retention, cost mitigation, and maintaining financial flexibility.

• Targeting S$500 million–S$600 million in divestments in the next financial year, with proceeds to be redeployed for growth.

• North American and Tokyo data centre markets remain robust, with low vacancy and strong demand.