- Gross revenue increased 12.3% year-on-year (y-o-y) to S$684.9 million and net property income grew 9.7% y-o-y to S$518.0 million. The main factor behind the growth was from the full-year contributions of the 29 data centers in the United States which were acquired in July 2021. Additionally, the growth in revenue from lease renewals, new leases, and augmented service charges within the Singapore portfolio also contributed to the overall increase.
Mapletree Industrial Trust (MIT) is an SGX-listed REIT with a diversified portfolio of 141 properties including 85 based in Singapore and 56 in North America. As of 31 March 2023, MIT’s total assets under management (AUM) remained stagnant at S$8.8 billion as compared to the year before. Having reviewed MIT’s 2022 performance, I was curious to see how the company has performed thus far, and its plans to overcome current macro headwinds. To learn more, I attended MIT’s recent annual general meeting. Here are eight things that I’ve learned from the 2023 Mapletree Industrial Trust AGM.