Mapletree Industrial Trust (MAPIF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi, a very good morning. My name is Melissa. Thanks for joining us for MIT's fourth quarter and full financial year results briefing. We have the management team of MIT on site for this virtual briefing. We have Kowei, our CEO, Yuli, our CFO, Peter, head of investment, Serene, head of asset, Sarah, our US asset manager, and also Kim, who leads the marketing team. The results presentation slides were issued last evening by SGXNet and available on MIT's website. We will use it for this morning's briefing. Without further ado, may I invite Kuo Wei to provide a short update on MIT's performance. Kuo Wei, please. Thank you. Can you hear us? I assume you can. If not, you can speak half an hour. Without your hearing anything, you'll be just spending another 30 minutes without any productive things done. So anyway, our fourth quarter and full financial results I hope you can see we have projected it. We can go on to the highlights and talk about what we have delivered. I think all in all, we have relatively resilient performance and the revenue contributions from the new projects have been quite meaningful. If you look at the net property income improvements, 0.6% year-on-year to $521 million. And the amount that we are able to deliver to unit holders has increased 2.7% to $378.3 million. But on a DPO basis, if you look at the full year performance, we have a 1% dip compared to the previous year actual results So we are delivering 13.43%. Of course, if you look at this in relation to the higher distribution available, this is driven mainly by the slightly larger unit base that we have. You could remember we issued $200 million of equity in the third quarter last year for our Osaka Data Center acquisition. So that has resulted in this small little drag. All in all, we are sti...