We are now in the thick of the earnings season and many REITs have reported their latest business updates and earnings. Mapletree Industrial Trust (SGX: ME8U), or MIT, recently announced its earnings for the second quarter of its fiscal 2024 (2Q FY2024) ending 30 September 2023. Unlike its peer Mapletree Logistics Trust (SGX: M44U), MIT did not manage to increase its year-on-year distribution per unit (DPU). However, the REIT did report several encouraging metrics that point to stronger numbers in the quarters ahead. Here are five highlights from the industrial REIT’s latest earnings report.

1. A resilient set of financials

For 2Q FY2024, MIT’s gross revenue dipped by 0.8% year on year to S$174.1 million. With property expenses inching up 0.8% year on year for the quarter, net property income ended up 1.4% lower than the prior year at S$128.6 million. Distributable income, however, rose 3.5% year on year to S$94.1 million. The REIT’s units in issue increased by 4.8% year on year to 2.8 billion largely...