丰树工业信托：美国业务拖累

Investment Rating - The report does not explicitly provide an investment rating for Mapletree Industrial Trust (MINT) [4]. Core Insights - Mapletree Industrial Trust reported a lower-than-expected distribution per unit of 9.62 cents for the first nine months of FY2026, a decrease of 5.8% year-on-year, primarily due to pressure from interest rate swap contract repricing [4]. - The U.S. market remains weak, with declining occupancy rates and challenges in filling expiring leases, which could impact total rental income by 4.5% [4]. - The management is seeking acquisitions in Europe and plans to implement an asset disposal plan worth SGD 500-600 million [4][5]. - The overall portfolio occupancy rate slightly increased by 10 basis points to 91.4%, but the U.S. market occupancy dropped by 30 basis points to 87.8%, marking the sixth consecutive quarter of decline [5]. - The company’s leverage ratio remains at a comfortable level of 37.2%, and management may consider equity financing to support acquisition plans [5]. Summary by Relevant Sections Financial Performance - For Q3 FY2026, the distribution per unit was 3.17 cents, reflecting a 0.3% decrease quarter-on-quarter and a 7.0% decrease year-on-year [4]. - The company experienced a foreign exchange loss of SGD 1.2 million in Q3, with a cumulative loss of SGD 3 million year-to-date [4]. Market Dynamics - The rental uplift rates for high-tech factories and layered factories in Singapore remain healthy at 7.0% and 7.4%, respectively [5]. - The lease for the AT&T property in San Diego, which contributes 5.38% to total rental income, is set to expire in May 2026 and includes a disposal option [5]. Strategic Initiatives - Management is actively pursuing a disposal plan for U.S. assets, which represents 12-15% of its U.S. data center portfolio [5]. - The company is also exploring potential acquisitions in Europe, with expected yields in the range of 4.5%-5.5% [5][6].