Mapletree Industrial Trust ("MIT") announced another quarter of splendid results. Its Q2 Gross Revenue increased by a whopping +50.5% year-on-year with a +47.4% corresponding in net property income. Most importantly, its quarterly distribution increased by +11.99%. At the market price of S$2.75 per unit, its annualised forward distribution yield thus hits 5.05% per annum.
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| Summary of Q2 and 1st Half FY2021/2022 results |
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| Zoom in on Q2 Quarterly YoY results |
The stellar performance of MIT is mainly driven by contributions from the completion of US$1.32 billion acquisition of 29 data centres in the United States of America on 22 July 2021. I am happy to see the gradual transformation of MIT into a more data centres centric REIT. Its overall WALE also increased from 3.7 to 4.3 years.
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| MIT hits 5.05% distribution yield |
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| MIT's market price over NAV per unit of 1.54 times-so much better than Keppel DC REIT's 2.0 times |
Well, the strong performance of MIT lead me to have a tiny tinge of regret over my recent investments into Keppel Data Centre REIT instead of putting in more into MIT. Saying that, I already have a significant concentration of my overall combined portfolio in MIT. Its NAV of S$1.78 per unit (relative to mkt price ratio with Keppel DC REIT) and attractive distribution yield of 5.05% is enticing indeed. Just hope that interest rate does not run up too quickly (given that the US has been busy printing loads of money into its economy) and policy makers stay cool on inflation.
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