Mapletree Industrial Trust (MAPIF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning. Thanks for joining us this morning for MIT's second quarter and first half financial year 2024-2025 results briefing. MIT has released its second quarter and first half financial year 2024-2025 results yesterday evening. We have the management team to present the key highlights of the results. Ms. Le Lily, CEO, Ms. Khoo Geng Fong, CFO, Mr. Peter Tan, Head of Investment, Ms. Serene Tam, Head of Asset Management, and Ms. Chen Shokim, Head of Marketing. So just to start off in terms of the key highlights, if you are flipping to these slides, you'll be looking at slide five. I think for this quarter, it has been, I would say, quite non-eventful business very much as usual. We do report a higher net property income. I think whether do you compare quarter on quarter or year on year, Osaka Data Center is a key contributor. I think for the final details, you will probably hear it from Ging Fong later. So I think in terms of DPU, we are quite happy to be able to deliver a 3.3 cents DPU. I think this, if you look at it on a year-on-year basis, is a 1.5% increase. Of course, on a quarter-on-quarter basis, I have highlighted last quarter. I think in terms of the MPI margin, etc., it's a little bit on the high side last quarter. So I think this quarter is a bit more but it also means that I think in terms of the DPU, we do see a slight decline. Operationally, oh yeah, and maybe it's also good for me to just highlight at this point that for this quarter, we have finalized the extension with AT&T. So I think the extension is for a 17-month period. I think in terms of rental, I reckon this would be a question that you all will ask, so I'll just address first. The rental rates, I would say, is lower close to what they have signed on initially. If you remember, this is t...