Mapletree Industrial Trust · SGX:ME8U
Mapletree Industrial Trust — Q2 2025 Earnings Presentation
34 slides from Mapletree Industrial Trust's earnings presentation, Oct 29, 2024
Slide 1: 2Q & 1HFY24/25 Financial Results
2Q & 1HFY24/25 Financial Results 29 October 2024
Slide 2: Important Notice
Important Notice This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial results for Second Quarter Financial Year 2024/2025 in the SGXNET announcement dated 29 October 2024. This presentation is for information only and does not constitute an offer or soli
Slide 3: Contents
Contents 01 Key Highlights – 1 Jul 2024 to 30 Sep 2024 02 2Q & 1HFY24/25 Financial Performance 03 Portfolio Update 04 Investment Update 05 Outlook and Strategy 3
Slide 4: Key Highlights 1 Jul 2024 to 30 Sep 2024
KEY HIGHLIGHTS 1 JUL 2024 TO 30 SEP 2024 Data Centres, 13831 Katy Freeway, Houston
Slide 5: Key Highlights
Key Highlights Higher Net Property Income driven by contributions from Osaka Data Centre and new leases and renewals • 2QFY24/25 Net Property Income: S$134.5 million ( 4.6% y-o-y) • 2QFY24/25 Distribution to Unitholders: S$95.8 million ( 1.9% y-o-y) • 2QFY24/25 DPU: 3.37 cents ( 1.5% y-o-y) Robu
Slide 6: Sustainable and Growing Returns
Sustainable and Growing Returns Amount Available for DPU Distribution to Unitholders (cents) (S$ million) 120 3.39 3.43 3.50 3.36 3.36 3.37 110 3.32 97.9 3.00 100 95.6 96.4 94.395.3 89.9 90 2.50 80 70 2.00 60 50 1.50 40 1.00 30 20 0.50 10 0 3Q¹ 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2
Slide 7: 2Q & 1HFY24/25 Financial Performance
2Q & 1HFY24/25 FINANCIAL PERFORMANCE Hi-Tech Buildings, build-to-suit project for HP
Slide 8: Comparison of 2QFY24/25 and 2QFY23/24
Comparison of 2QFY24/25 and 2QFY23/24 2QFY24/25 2QFY23/24 Net property income increased due to Year-on-Year / () (S$’000) (S$’000) • contributions from the Osaka Data Centre acquired in Sep 2023 and new Gross revenue 181,445 174,118 4.2% leases and renewals across various property clusters; Pro
Slide 9: Comparison of 1HFY24/25 and 1HFY23/24
Comparison of 1HFY24/25 and 1HFY23/24 1HFY24/25 1HFY23/24 Net property income increased due to Year-on-Year / () (S$’000) (S$’000) • contributions from the Osaka Data Centre acquired in Sep 2023 and new Gross revenue 356,724 344,746 3.5% leases and renewals across various property clusters; Pro
Slide 10: Comparison of 2QFY24/25 and 1QFY24/25
Comparison of 2QFY24/25 and 1QFY24/25 2QFY24/25 1QFY24/25 Net property income increased due to Quarter-on-Quarter / () (S$’000) (S$’000) • higher revenue due to full quarter effect from a new lease from North American Gross revenue 181,445 175,279 3.5% Portfolio; • higher revenue from the Osaka
Slide 11: Statement of Financial Position
Statement of Financial Position 30 Sep 2024 31 Mar 2024 / () Total assets (S$’000) 8,612.1 8,664.4 (0.6%) Total liabilities (S$’000) 3,420.2 3,375.6 1.3% Net assets attributable to Unitholders (S$’000) 4,887.5 4,984.6 (1.9%) Net asset value per Unit (S$)1 1.72 1.76 (2.3%) 1 Net tangible asset per
Slide 12: Strong Balance Sheet
Strong Balance Sheet 30 Sep 2024 30 Jun 2024 DEBT CURRENCY PROFILE As at 30 September 2024 Total debt S$3,014.0 million S$3,062.0 million 15.2% Weighted average 3.4 years 3.6 years tenor of debt Aggregate leverage 39.1% 39.1% ratio1 21.7% Strong balance sheet to pursue growth opportunities 63.1% ‘
Slide 13: Well Diversified Debt Maturity Profile
Well Diversified Debt Maturity Profile1 DEBT MATURITY PROFILE As at 30 September 2024 25% 22% 49 185 18% 17% 108 825 535 585 389 8% 5% 294 3% 196 2% 125 92 60 50 59 ∕∕ ∕∕ ∕∕ FY24/25 FY25/26 FY26/27 FY27/28 FY28/29 FY30/31 FY35/36 FY38/39 MTN Bank Loan 50% share of JV loan Amount in S$ (millions) 1 I
Slide 14: Risk Management
Risk Management 30 Sep 2024 30 Jun 2024 Fixed as a % of total debt 80.4% 82.1% Weighted average hedge tenor 3.4 years 3.6 years Average borrowing cost for the 3.2% 3.2% quarter Interest coverage ratio (“ICR”) 4.7 times 4.7 times for the trailing 12 months1 Adjusted ICR for the trailing 12 4.3 times
Slide 15: Portfolio Update
PORTFOLIO UPDATE Hi-Tech Buildings, Mapletree Hi-Tech Park @ Kallang Way
Slide 16: 140 Properties Across 6 Property Segments
140 Properties Across 6 Property Segments S$8.9 billion1 24.8 million2 >2,000 tenants AUM NLA (sq ft) Tenant Base Light Industrial Buildings Data Centres: 54.7% 0.7% North America: 45.9% Japan: 5.5% Stack-up/Ramp-up Buildings 5.8% Singapore: 3.3% Flatted Factories 15.7% Flatted Factories Data Cen
Slide 17: Portfolio Growth since IPO
Portfolio Growth since IPO 3 Asset Enhancement FY21/22 FY22/23 FY23/24 FY24/25 S$8.8b S$8.8b S$8.9b Initiatives (“AEI”) 5 Build-to-Suit (“BTS”) Projects FY20/21 11 Acquisitions S$6.8b FY19/20 S$5.9b Acquisition Acquisition FY18/19 29 US DCs Osaka Data S$4.8b US$1.32b Centre4 FY17/18 JPY52b FY16/17 S
Slide 18: Portfolio Overview
Portfolio Overview Singapore North American Osaka Overall Portfolio Portfolio Data Centre Portfolio Number of properties 83 56 1 140 NLA (million sq ft) 16.4 8.31 0.1 24.81 Occupancy (%) 2QFY24/25 93.7 90.9 100.0 92.92 1QFY24/25 93.6 87.8 100.0 91.92 Average rental rate (psf/mth) S$2.26 US$2.48 - -
Slide 19: Lease Expiry Profile
Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 30 September 2024 WALE based on date of commencement of leases (years) 2 North American Portfolio 5.9 Singapore Portfolio 2.8 Osaka Data Centre 18.1 Overall Portfolio1 4.4 31.4% 19.6% 17.4% 17.4% 7.7% 6.5% FY24/25 FY25/26 FY26/27 FY2
Slide 20: Large and Diversified Tenant Base
Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 30 September 2024 6.0% Over 2,000 tenants Largest tenant contributes 6.0% of Portfolio’s Gross Rental Income 4.9% Top 10 tenants forms about 30.2% of Portfolio’s Gross Rental Income 3.7% 3.0% 3.0% 2.4% 2.3% 1.8% 1.7
Slide 21: Tenant Diversification Across Trade Sectors
Tenant Diversification Across Trade Sectors1 No single trade sector accounted >17% of Portfolio’s Gross Rental Income By Gross Rental Income As at 30 Sep 2024 1 Based on MIT’s 50% interest of the joint venture with MIPL in three fitted data centres and 10 powered shell data centres in North America
Slide 22: Diversified Mix of Data Centres
Diversified Mix of Data Centres About 76.3% of MIT’s Data Centre Portfolio are on triple net lease structures whereby the majority of outgoings1 are borne by the tenants Good mix of powered shell, fitted and fitted hyperscale data centres SPLIT BETWEEN LEASE TYPES FOR SPLIT BETWEEN TENANT TYPES
Slide 23: Singapore Portfolio Performance
Singapore Portfolio Performance Occupancy Gross Rental Rate S$ psf/mth 100% $2.50 93.7% 93.4% 93.8% 93.6% 93.6% 93.7% 90% $2.26 $2.26 80% $2.21 $2.22 $2.18 $2.19 70% $2.00 60% 50% 40% $1.50 30% 20% 10% 0% $1.00 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY19/20 FY20/21 FY21/22
Slide 24: Rental Revisions (Singapore)
Rental Revisions (Singapore) GROSS RENTAL RATE (S$ PSF/MTH)1 For Period 2QFY24/25 Before Renewal $4.02 $3.76 $3.71 After Renewal $3.70 $3.44 New Leases $3.69 Passing Rent $3.30 $2.48 $1.99 $1.93 $1.76 $1.65 $1.53 $1.67 $1.86 $1.38 $1.40 Hi-Tech Buildings Business Park Buildings Flatted Factories Sta
Slide 25: Healthy Tenant Retention (Singapore)
Healthy Tenant Retention (Singapore) LONG STAYING TENANTS RETENTION RATE FOR 2QFY24/25 Up to 1 yr 10.7% 100.0% >10 yrs 35.1% >1 to 2 yrs 80.8% 8.3% 76.9% 77.9% 73.2% 4 yrs or less 55.4% More than 36.2% > 2 to 3 yrs 4 yrs 10.3% 63.8% >3 to 4 yrs 6.9% N.A. Data Hi-Tech Business Flatted Stack-up / Ligh
Slide 26: Commitment to a Sustainable Environment
Commitment to a Sustainable Environment Long-term Targets by FY29/30 15% 17% 10,000 kWp Average Building Average Building Scope 2 GHG Total Solar Energy Electricity Intensity1 Emissions Intensity1 Generating Capacity YTD FY24/25 Achievements 4,106 kWp WELL Health-Safety Rating Total solar generating
Slide 27: Investment Update
INVESTMENT UPDATE Data Centres, 44490 Chilum Place, Ashburn
Slide 28: Acquisition of a Freehold Property in Tokyo, Japan
Acquisition of a Freehold Property in Tokyo, Japan • Acquisition of a multi-storey mixed-use facility in Tokyo, Japan Acquisition • Comprises data centre, back office, training facilities and an adjacent accommodation wing Purchase Consideration / 100% Basis: JPY14.5 billion (approximately S$129.8 m
Slide 29: Strategic Location with Potential Redevelopment to a New Data Centre
Strategic Location with Potential Redevelopment to a New Data Centre In line with MIT’s portfolio rejuvenation and rebalancing efforts Data Centre Distribution in Greater Tokyo Future redevelopment opportunity with value creation potential The Property is within a network-dense location in Tama di
Slide 30: Outlook and Strategy
OUTLOOK AND Data Centres, 2601 West Broadway Road, Tempe STRATEGY
Slide 31: Outlook
Outlook Challenging operating environment in view of global uncertainties Global growth was expected to remain steady at 3.2% in 2024 and 20251. Numerous risks such as the escalation of trade tensions and persistent inflation remain Increasing property operating expenses and elevated borrowing c
Slide 32: Outlook
Outlook North America • According to CBRE4, supply and demand dynamics continued to support data centre rental growth in North America in 1H 2024. Driven largely by demand from AI providers, average asking rates in primary markets reached US$174 per kW per month (6.5% increase y-o-y), while the over
Slide 33: Diversified and Resilient
Diversified and Resilient Anchored by large and diversified tenant base with low dependence Stable and on any single tenant or trade sector Resilient Portfolio Focus on tenant retention to maintain a stable portfolio occupancy Hedged borrowings of 80.4% and weighted average hedge tenor of Enha
Slide 34: End of Presentation
End of Presentation For enquiries, please contact Ms Cheng Mui Lian, Senior Manager, Investor Relations and Sustainability, DID: (65) 6377 4536, Email: cheng.muilian@mapletree.com.sg
Mapletree Industrial Trust — Q2 2025 Earnings Presentation on 6ix