Mapletree Industrial Trust (ME8U) Investor presentation summary

Portfolio profile

• Portfolio of 134 properties, 23.6 million sq ft NLA and S$8.3 billion AUM, serving over 2,000 tenants; data centres represent 57.1% of AUM.

• Singapore portfolio: 79 properties, 15.1 million sq ft NLA and 94.2% occupancy; North America: 53 data centres, 8.0 million sq ft NLA, 79.1% occupancy and 6.7-year WALE.

• Overall occupancy was 89.7% in 2QFY26/27, versus 90.7% in 1QFY26/27; Singapore and Japan occupancy was 94.2% and 100.0%, respectively.

Operating and financial performance

• 2QFY26/27 revenue was S$167.0 million, down 1.9% YoY; NPI fell 3.5% to S$119.8 million and DPU declined 6.6% to 2.97 cents.

• 1HFY26/27 revenue fell 4.8% YoY to S$329.3 million, NPI fell 6.1% to S$242.0 million and DPU declined 5.7% to 6.08 cents.

• Lower North American contributions, the absence of income from the Singapore divestment and higher operating expenses weighed on NPI; lower borrowing costs partly offset the impact on distributions.

• Singapore rental reversion was 6.9% in 2QFY26/27, with 77.3% tenant retention; segment reversions were 3.7% for Hi-Tech and Business Space and 7.1% for General Industrial Buildings.

• North American leases executed in 1HFY26/27 covered 364,500 sq ft, or 5.2% of portfolio NLA; renewal-lease rental reversion was 2.2%.

Portfolio actions and positioning

• Divested the Eagan data centre for US$9.81 million on 30 Sep 2026; proceeds are intended to reduce debt and/or fund working capital.

• After 2Q, secured 15.5-year and 5.3-year leases at Alpharetta and San Jose, respectively, commencing Oct 2026, with annual rental escalations.

• Target North American divestments of S$500 million to S$600 million; proceeds are intended for interim debt repayment and to support investment opportunities.

• Data centre portfolio mix includes 75.3% triple-net leases; colocation providers account for 44.6% of gross rental income, with cloud/hyperscale providers and enterprise/end users each at 23.7%.