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Mapletree Ind Tr
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MAPLETREE Industrial Trust (MIT)
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casarasa
Member |
22-Aug-2024 09:28
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Deadline for submission of DRP form extended to 28 Aug. | ||
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mav1ryan
Veteran |
21-Aug-2024 13:29
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I also haven' t received any letter from MIT... | ||
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Azure1984
Member |
21-Aug-2024 11:45
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Just received the NOE form for the DRP yesterday. Guess they mailed it out late. Dateline just 3 working days away....
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casarasa
Member |
20-Aug-2024 09:52
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Me not yet received the DRP form too. Was wondering am I the only one until your post 
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Azure1984
Member |
16-Aug-2024 12:27
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Hi all, just want to check. Has anyone receive the notice of election in your mailbox for the participation in the DRP already? | ||
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pasttime
Supreme |
07-Aug-2024 09:14
Yells: "gold silver are real money. not others iou." |
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recent development means fed reducing interest rate is not as significant as marketalready price in the cut. 10 years bond at 3.889% will meant reits who needs to borrow can get money at rates not as high as fear. may be got reduce some more. | ||
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actan99
Master |
06-Aug-2024 13:13
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Up. | ||
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PiRPiR
Master |
30-Jul-2024 01:00
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MINT?s healthy 1QFY2025 and conservative financial management style assures analysts
(MINT) at an unchanged fair value of $2.71 and target price of $2.60 respectively. The research team at OCBC notes in its July 26 report that the REIT?s 1QFY2025 gross revenue and net property income (NPI), which came in 2.7% higher y-o-y at $175.3 million and 1.3% greater y-o-y at $132.5 million respectively, stood in-line with the research team?s expectations. ?This was driven by organic growth from previous rental uplifts secured and contribution from its data centre acquisition in Osaka, Japan but partially offset by divestments, lower occupancy rates in the US compared to the same period a year ago and higher property operating expenses,? the team notes. During the same period, MINT managed to lower its borrowing costs by 0.9% y-o-y, and recorded a 45.9% increase in distribution declared by its joint ventures, it adds. Overall, the REIT?s dividend per unit (DPU) for the 1QFY2025 rose by 1.2% y-o-y to 3.43 cents and accounted for 24.8% of the research team?s initial FY2025 forecast. Meanwhile, the quarter also saw robust rental reversions for MINT?s renewal leases signed in Singapore, ranging between 2.7% and 12.3%, or 9.2% on an overall portfolio weighted average basis. The higher rents secured were broad-based across all segments, resulting in the average rental rate for MINT?s Singapore portfolio growing 1.8% q-o-q to $2.26 psf per month. ?There were also some positives on MINT?s portfolio occupancy, which increased by 0.5 percentage points (ppts) q-o-q to 91.9 % . Singapore and Japan?s portfolio occupancy was flat, but there was an increase of 1.6 ppts q-o-q to 87.8% in the US as management secured a new lease at its 402 Franklin Road, Brentwood property,? writes the team. They continue: ?This was the property that was previously leased to AT&T. AT&T remains a tenant within MINT?s portfolio, but its contribution to MINT?s gross rental income has come down to 3%, from 5.3% a year ago.? While the REIT?s aggregate leverage ratio has increased sequentially for the third consecutive quarter, last standing at 39.1 % as at June 30 , the proportion of debt hedged declined from 84.6 % to 82.1% but ?still remains? at a ?relatively high? level. MINT?s average borrowing cost also inched up 10 basis points (bps) q-o-q to 3.2 %, while the adjusted interest coverage ratio came in ?healthy? at 4.3 times. With this, the research team at OCBC has trimmed its FY2025 and FY2026 DPU forecast slightly by 0.6 % and 0.4% on higher borrowing cost assumptions. Meanwhile, the team at DBS notes that MINT?s stronger performance was additionally boosted by a $2.6 million one-off compensation payment in relation to a redevelopment project, which will be paid out in subsequent quarters. The team also sees that the REIT?s management has adopted a ?conservative? financial management style, with its stable leverage ratio and its asset ratio at 39.6%. They write: ?Looking ahead, management expects the overall cost of debt to rise to around 3.5% in the coming year, which we have priced in. As such, adjusted interest coverage ratio (ICR) remains stable and comfortable at 4.3 times and our calculated adjusted earnings before interests, taxes, depreciation and amortisation (ebitda) ICR ratio is at around 3.8 times.? ?The trust is resuming its dividend reinvestment plan in the current quarter which will further strengthen the REIT?s balance sheet,? adds the team. For more stories about where money flows, click here for Capital Section On MINT?s operating outlook, the REIT ?expects to see? occupancies in the US ?remaining under pressure? due to the termination of space from a co-location player by the end of FY2025 and will be ?actively looking? to address this risk. Overall, the team at DBS believes that MINT?s valuations ?remain inexpensive? at around 1.26 times price-to-book ratio (P/B), while its FY2024 to FY2025 yields of around 5.9% are ?slightly higher? than historical averages. They write that while the REIT?s share price has declined by 9.0%, it is more resilient than its larger cap peers thanks to its diversified exposure in Singapore, the US and Japan, as well as for its pivot to the growing datacenter subsector, which remains on a firm growth trend. ?We see investors gravitating towards MINT especially when overall economic conditions remain uncertain as its diversified portfolio has proven to be able to weather the downturns,? concludes the team at DBS. As at 2.46 pm, units in MINT are trading three cents higher or 1.32% up at $2.30. |
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pasttime
Supreme |
29-Jul-2024 17:55
Yells: "gold silver are real money. not others iou." |
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hot desking is now a problem as more people return to office to work. more people then desk. creating stress to workers etc. either cut people or return to larger office space. share space soon office secret also shared to competitors. |
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Joelton
Supreme |
26-Jul-2024 12:15
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Mapletree Industrial Trust Q1 DPU up 1.2% to S$0.0343
Its Osaka data centre, along with new leases and renewals across various property clusters, drive revenue growth
MAPLETREE Industrial Trust : ME8U -0.44% charted a 1.2 per cent increase in distribution per unit (DPU) to S$0.0343 in its first quarter ended Jun 30, 2024, from S$0.0339 in the year-ago period.
Revenue grew 2.7 per cent on-year to S$175.3 million, from S$170.6 million previously, said its manager.
Net property income (NPI) was up 1.3 per cent at S$132.5 million, from S$130.8 million in the first quarter of the preceding financial year.
The manager attributed these improvements mainly to revenue contributions from the data centre in Osaka, Japan that was acquired on Sep 28, 2023, as well as new leases and renewals across various property clusters.
The distributable income in the three months, at S$97.3 million, was 3.7 per cent higher than S$93.7 million in the year-ago period.
This was mainly driven by higher NPI, and higher distribution declared by joint venture Mapletree Rosewood Data Centre Trust.
Lily Ler, chief executive officer of the manager, noted that despite Mapletree Industrial Trust&rsquo s &ldquo positive start&rdquo , it remains cautious of pressures from higher property operating expenses and borrowing costs amid the macroeconomic uncertainty.
&ldquo We will continue to execute our growth strategy through accretive investments and selective divestments of non-core assets,&rdquo she said.
The resumption of the distribution reinvestment plan (DRP) in Q1 &ndash where units will be issued in lieu of cash distributions &ndash will help to maintain a healthy debt headroom for growth opportunities, she added.
The distribution, in either cash or DRP units, will be paid out on Sep 12, after books closure on Aug 2.
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Alignment
Elite |
26-Jul-2024 11:12
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Net property income up AND interest costs down - very impressive. Looks like they may start doing share buybacks as well, which would be great given the current share price. |
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tcshares
Senior |
26-Jul-2024 09:33
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agree! load up! | ||
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Goldfinger
Supreme |
25-Jul-2024 23:00
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Quite outstanding results, actually. Given the negative climate particularly, for interest rates and REITS. | ||
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spursfan
Supreme |
25-Jul-2024 20:31
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https://links.sgx.com/1.0.0/corporate-announcements/5HHDYZDXRZ1T2WS2/812871_20240725_1QFY24_Press%20Release.pdf | ||
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Alignment
Elite |
25-Jul-2024 02:51
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Yes definitely. Also non US assets too. Oil money also wants to get away from too much exposure to US$ assets in case one day soon American sanctions them. Singapore REITs a good home for them.
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mav1ryan
Veteran |
24-Jul-2024 14:33
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I did a Copilot search and uderstand that Changi Business Park is owned by CapitaLand Ascendas, not MIT
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pasttime
Supreme |
24-Jul-2024 13:44
Yells: "gold silver are real money. not others iou." |
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Mit will be good for oil money who want us data center. | ||
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Alignment
Elite |
22-Jul-2024 12:18
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Good to have oil money park in Singapore REITs. Bad for Singapore REITs to invest in Middle Eastern properties. Middle East oil money is looking to diversify outside Middle East. They won' t invest in Singapore REITs if those REITs were then to invest in Middle Eastern properties. That would defeat their purpose of diversification.
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finjungle
Veteran |
22-Jul-2024 10:45
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I discover that SG companies just cannot cope with foreign countries except Malaysia and Indonesia.
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pasttime
Supreme |
21-Jul-2024 14:01
Yells: "gold silver are real money. not others iou." |
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Good move to invest in rich country. May also get bonus of improving visibility to oil rich. Now oil man worry about safety of their money in Europe. Singapore REITs can be safe to park here | ||
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