Mapletree Industrial Trust Units Real Estate Investment Trust

ME8U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Mapletree Industrial Trust Earnings: Strong Rental Reversions Offset by Soft Occupancy Rates

Xavier Lee

Jan 23, 2025

Mapletree Industrial Trust’s, or MIT’s, third-quarter fiscal 2025 (ending March) results were in line with our expectations. Net property income rose 2.6% year on year on the back of a 2% increase in revenue. This was driven by higher contributions from its newly acquired data centers in Japan, as well as new and renewed leases in its Singapore and North America portfolio. We retained our fair value estimate of SGD 2.30 per unit. While we like MIT’s portfolio of data centers that benefit from strong secular demand, we think the trust is fairly valued currently.

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Mapletree Industrial Trust Units Real Estate Investment Trust

Mapletree Industrial Trust Earnings: Strong Rental Reversions Offset by Soft Occupancy Rates

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