It is REIT reporting season once again and it is a good time for investors to review how REITs are performing in this current climate.
Against the backdrop of surging interest rates and high inflation, share prices of REITs have taken a beating.
Mapletree Industrial Trust (SGX: ME8U), or MIT, is one of the many REITs that saw its share price plunge.
Nevertheless, the REIT reported a resilient set of earnings for its fiscal 2023 third quarter (3Q2023) ending 31 December 2022.
Here are five key highlights from MIT’s latest results.
1. Robust financial performance
For the quarter, the REIT’s gross revenue rose 5.0% year on year to S$170.4 million.
The increase is primarily attributed to the rental income generated from new leases across the REIT’s assets in Singapore.
Consequently, net property income (NPI) also increased by 4.9% year on year to S$128.8 million.
The higher NPI is a good sign as it indicates that the REIT’s property operating expenses were well managed....
