As at March 31 2023, MIT’s total assets under management was $8.8 billion, which comprised 85 properties in Singapore and 56 properties in North America, including 13 data centres held through a joint venture.
“The challenging macroeconomic environment as well as headwinds from higher operating expenses and borrowing costs have affected MIT’s financial performance for the financial year," says Tham Kuo Wei, CEO of the manager.
"With a strong balance sheet, we will focus on strengthening the portfolio through accretive acquisitions and developments, such as the Mapletree Hi-Tech Park @ Kallang Way. We will also explore opportunistic divestments in our portfolio rebalancing efforts,” he adds.
MIT's average overall occupancy for 4QFY2023 was 94.9%, down from 95.7% recorded in the preceding quarter ended Dec 2022.
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MIT warns that 2023 will be a challenging year with increased risk to global financial stability due to the banking crisis and geo-economic fragmentation.
"Increasing property operating expenses an borrowing costs continue to exert pressure on distributions.
"The Manager will adopt costmitigating measures while focusing on tenant retention and forward lease renewals to maintain a stable portfolio occupancy," says MIT.
MIT units closed April 27 at $2.38, unchanged for the day.
