The next Mapletree REIT to report its full fiscal 2024 (FY2024) earnings is Mapletree Industrial Trust (SGX: ME8U), or MIT. Earlier this week, Mapletree Pan Asia Commercial Trust (SGX: N2IU) had just released its FY2024 earnings along with a year-on-year increase in its distribution per unit (DPU). MIT pulled off the same trick by announcing a slight year-on-year increase in DPU for the fourth quarter of fiscal 2024 (4Q FY2024). Read on to find out five highlights from the industrial REIT’s latest financial report.

Financial performance driven by new projects

Gross revenue for 4Q FY2024 rose 4.4% year on year to S$178.7 million, driven by revenue contributions from MIT’s new redevelopment project, Mapletree Hi-Tech Park and the data centre acquired in Osaka. Net property income (NPI) inched up just 2.2% year on year to S$131.8 million because of an 11.2% year-on-year jump in property expenses. DPU edged up 0.9% year on year to S$0.0336 despite MIT seeing a 3.5%...