Mapletree Industrial Trust’s Q1 Fiscal 2023 In Line; Singapore Portfolio Occupancy at All-Time High

No-moat Mapletree Industrial Trust’s, or MIT’s, first-quarter fiscal 2023 (ending March) results were in line with our expectations and showed improvement in several operating metrics. Notably, its Singapore portfolio occupancy rate hit a record high (since listing) of 96%, on the back of rising occupancy rates across all its industrial property segments. Occupancy rate for its light industrial segment witnessed the largest improvement, jumping to 92.6% from 78.5% after divestment of the underperforming 19 Changi South Street 1, which had an average occupancy rate of 34.3% in fiscal 2022. Other portfolio metrics remain healthy, with high tenant retention rate of 86.2%, and low but improving positive rental reversions.