Mapletree Industrial Trust · SGX:ME8U
Mapletree Industrial Trust — Q4 2025 Earnings Presentation
35 slides from Mapletree Industrial Trust's earnings presentation, Apr 30, 2025
Slide 1: 4Q & FY24/25 Financial Results
4Q & FY24/25 Financial Results 30 April 2025
Slide 2: Important Notice
Important Notice This presentation shall be read in conjunction with Mapletree Industrial Trust’s (“MIT”) financial results for Fourth Quarter Financial Year 2024/2025 in the SGXNET announcement dated 30 April 2025. This presentation is for information only and does not constitute an offer or solici
Slide 3: Contents
Contents 01 Key Highlights – 1 Apr 2024 to 31 Mar 2025 02 4Q & FY24/25 Financial Performance 03 Portfolio Update 04 Investment Update 05 Outlook and Strategy 3
Slide 4: Key Highlights 1 Apr 2024 to 31 Mar 2025
KEY HIGHLIGHTS 1 APR 2024 TO 31 MAR 2025 Data Centres, 13831 Katy Freeway, Houston
Slide 5: FY24/25 Results Highlights
FY24/25 Results Highlights Higher Net Property Income driven by contributions from the Osaka Data Centre, Tokyo Acquisition and new leases and renewals across various Singapore property clusters • FY24/25 Net Property Income: S$531.5 million ( 2.0% y-o-y) • FY24/25 Distribution to Unitholders: S$3
Slide 6: Sustainable and Growing Returns
Sustainable and Growing Returns Amount Available for DPU Distribution to Unitholders (cents) (S$ million) 120 3.39 3.43 3.41 3.50 3.36 3.36 3.37 3.36 110 3.32 97.9 97.5 3.00 100 95.6 96.4 96.3 94.3 95.3 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 3
Slide 7: 4Q & FY24/25 Financial Performance
4Q & FY24/25 FINANCIAL PERFORMANCE Hi-Tech Buildings, build-to-suit project for HP
Slide 8: Comparison of 4QFY24/25 and 4QFY23/24
Comparison of 4QFY24/25 and 4QFY23/24 4QFY24/25 4QFY23/24 Net property income decreased due to Year-on-Year / () (S$’000) (S$’000) • non-renewal of leases in the North American Portfolio and loss of income Gross revenue 177,798 178,700 (0.5%) from divestment of Tanglin Halt Cluster in Mar 2024;
Slide 9: Comparison of FY24/25 and FY23/24
Comparison of FY24/25 and FY23/24 FY24/25 FY23/24 Net property income increased due to Year-on-Year / () (S$’000) (S$’000) • higher contributions from Osaka Data Centre and the newly acquired mixed-use Gross revenue 711,833 697,332 2.1% facility in Tokyo; and • new leases and renewals across va
Slide 10: Comparison of 4QFY24/25 and 3QFY24/25
Comparison of 4QFY24/25 and 3QFY24/25 4QFY24/25 3QFY24/25 Net property income decreased due to Quarter-on-Quarter / () (S$’000) (S$’000) • non-renewal of leases, lower rental rates and higher property maintenance cost Gross revenue 177,798 177,311 0.3% from North American Portfolio; • partially
Slide 11: Statement of Financial Position
Statement of Financial Position 31 Mar 2025 31 Dec 2024 / () 31 Mar 2024 / () Total assets (S$ million) 8,800.2 8,874.1 (0.8%) 8,664.4 1.6% Total liabilities (S$ million) 3,607.7 3,613.1 (0.1%) 3,375.6 6.9% Net assets attributable to 4,887.7 4,957.2 (1.4%) 4,984.6 (1.8%) Unitholders (S$ millio
Slide 12: Portfolio Valuation
Portfolio Valuation Valuation as at 31 Mar Capitalisation rates as at 31 Mar Property segment 2025 2024 Variance 2025 2024 Local currency (million) Data Centres (Singapore) S$280.5 S$278.7 3.90% to 6.25%5 4.00% to 6.25%5 Hi-Tech Buildings S$1,515.3 S$1,514.1 5.25% to 7.00% 5.25% to 7.00% Business Pa
Slide 13: Strong Balance Sheet
Strong Balance Sheet 31 Mar 2025 31 Dec 2024 DEBT CURRENCY PROFILE As at 31 March 2025 Total debt S$3,171.9 million S$3,173.0 million 17.9% Weighted average 3.2 years 3.1 years tenor of debt Aggregate leverage 40.1% 39.8% ratio1 20.7% Strong balance sheet to pursue growth opportunities 61.4% ‘BBB+
Slide 14: Well Diversified Debt Maturity Profile
Well Diversified Debt Maturity Profile DEBT MATURITY PROFILE1 As at 31 March 2025 21% 21% 50.1 189.3 17% 17% 110.2 13% 100.1 747.8 598.3 534.2 389.8 382.7 4% 3% 2% 2% 125.0 100.1 135.3 60.0 50.0 58.6 90.2 ∕∕ ∕∕ ∕∕ FY25/26 FY26/27 FY27/28 FY28/29 FY29/30 FY30/31 FY32/33 FY35/36 FY38/39 MTN Bank Loan
Slide 15: Risk Management
Risk Management 31 Mar 2025 31 Dec 2024 Fixed as a % of total debt 78.1% 78.3% Weighted average hedge tenor 3.4 years 3.2 years Average borrowing cost for the 3.0% 3.1% quarter Interest coverage ratio (“ICR”) 4.3 times 4.3 times for the trailing 12 months1 Impact on amount available Change in Impact
Slide 16: Portfolio Update
PORTFOLIO UPDATE Hi-Tech Buildings, Mapletree Hi-Tech Park @ Kallang Way
Slide 17: 141 Properties Across 6 Property Segments
141 Properties Across 6 Property Segments S$9.1 billion1 25.2 million2 >2,000 tenants AUM NLA (sq ft) Tenant Base Light Industrial Buildings Data Centres: 55.6% 0.7% North America: 45.6% Stack-up/Ramp-up Buildings Japan: 6.8% 5.8% Singapore: 3.2% Flatted Factories 15.4% Data Centres Flatted Facto
Slide 18: Portfolio Growth since IPO
Portfolio Growth since IPO FY24/25 3 Asset Enhancement FY21/22 FY22/23 FY23/24 S$8.9b S$9.0b S$8.8b S$8.8b 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 FY
Slide 19: Portfolio Overview
Portfolio Overview Singapore North American Japan Overall Portfolio Portfolio Portfolio Portfolio Number of properties 83 56 2 141 NLA (million sq ft) 16.4 8.31 0.5 25.21 Occupancy (%) 4QFY24/25 92.9 88.2 100.0 91.62 3QFY24/25 92.7 90.3 100.0 92.12 Average rental rate (psf/mth) S$2.29 US$2.43 - - SE
Slide 20: Lease Expiry Profile
Lease Expiry Profile EXPIRING LEASES BY GROSS RENTAL INCOME1 As at 31 March 2025 WALE based on date of commencement of leases (years)2 North American Portfolio 6.3 Singapore Portfolio 2.7 Japan Portfolio 14.5 Overall Portfolio1 4.4 31.7% 19.5% 20.2% 14.3%3 8.7% 5.6% FY25/26 FY26/27 FY27/28 FY28/29 F
Slide 21: Proactive Asset Management
Proactive Asset Management Three-pronged approach to managing the impact of vacancies in North American data centres Properties are located predominantly in primary data centre markets in North America Leased to diverse tenant types with a WALE of 6.3 years To manage impending lease expiration
Slide 22: Large and Diversified Tenant Base
Large and Diversified Tenant Base TOP 10 TENANTS BY GROSS RENTAL INCOME1 As at 31 March 2025 6.0% Over 2,000 tenants Largest tenant contributes 6.0% of Portfolio’s Gross Rental Income 5.0% Top 10 tenants forms about 29.5% of Portfolio’s Gross Rental Income 3.7% 2.9% 2.4% 2.4% 2.3% 1.8% 1.6% 1.
Slide 23: Tenant Diversification Across Trade Sectors
Tenant Diversification Across Trade Sectors1 No single trade sector accounted >17% of Portfolio’s Gross Rental Income By Gross Rental Income As at 31 Mar 2025 1 Includes MIT’s 50% interest in the joint venture with MIPL in three fully fitted hyperscale data centres and 10 powered shell data centres
Slide 24: Diversified Mix of Data Centres
Diversified Mix of Data Centres About 73.9% of MIT’s Data Centre Portfolio are on triple net lease structures whereby the majority of outgoings1 are borne by the tenants Good mix of powered shell, fitted and fitted hyperscale data centres SPLIT BETWEEN TENANT TYPES FOR SPLIT BETWEEN LEASE TYPES
Slide 25: Singapore Portfolio Performance
Singapore Portfolio Performance Occupancy Gross Rental Rate S$ psf/mth 100% $2.50 93.7% 93.4% 93.8% 93.6% 93.6% 93.7% 92.7% 92.9% 90% $2.29 $2.28 $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% $1.00 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Slide 26: Rental Reversions (Singapore)
Rental Reversions (Singapore) GROSS RENTAL RATE (S$ PSF/MTH)1 For Period 4QFY24/25 Before Renewal After Renewal $3.90 New Leases $3.60 $3.70 Passing Rent $3.36 $3.37 $3.74 $2.79 $2.83 $1.86 $1.97 $1.67 $1.66 $1.55 $1.59 $1.89 $1.41 $1.42 Hi-Tech Buildings Business Park Buildings Flatted Factories St
Slide 27: Healthy Tenant Retention (Singapore)
Healthy Tenant Retention (Singapore) LONG STAYING TENANTS RETENTION RATE FOR 4QFY24/25 Up to 1 yr 8.1% >1 to 2 yrs >10 yrs 7.0% 86.6% 86.3% 87.8% 36.4% 82.6% 4 yrs or > 2 to 3 yrs less 8.9% More than 32.8% 41.6% 4 yrs 67.2% >3 to 4 yrs 8.8% N.A. N.A. >4 to 5 yrs Data Hi-Tech Business Flatted Stack-u
Slide 28: 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 FY24/25 Key Achievements 4,106 kWp WELL Health-Safety Rating Total solar generating
Slide 29: Investment Update
INVESTMENT UPDATE Data Centres, 44490 Chilum Place, Ashburn
Slide 30: Divestment – Georgia Data Centre
Divestment – Georgia Data Centre Portfolio Rejuvenation Through Strategic Divestment A single-storey data centre located Description within the Northwoods Business Center 2775 Northwoods Parkway, Norcross, Address Georgia NLA 32,740 sq ft Sale Price US$11.8 million Valuation US$9.95 million1 (as at
Slide 31: Outlook and Strategy
OUTLOOK AND Data Centres, 2601 West Broadway Road, Tempe STRATEGY
Slide 32: Outlook
Outlook Challenging operating environment in view of global uncertainties The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity. Global growth is projected to fall to 2.8% in 2025 and 3.0% in 2
Slide 33: Outlook
Outlook North America • According to CBRE3, data centre capacity in primary markets in North America grew by 34% y-o-y to reach 6,923 megawatts (“MW”), while the overall vacancy rate fell to a record-low of 1.9% at end 2024. Volume-based pricing discounts, which are historically given to large space
Slide 34: 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 78.1% with weighted average hedge tenor of Enh
Slide 35: 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 — Q4 2025 Earnings Presentation on 6ix