A Mix of Powered Shell, Fitted and Fitted Hyperscale Data Centers: Mapletree Industrial Trust's Presentation of May 2026

Mapletree Industrial Trust is listed in Singapore, and its presentation dated May 2026 calls it "One of Singapore's largest industrial REITs with a diversified portfolio of income-producing industrial properties in Singapore and data centres globally." The presentation is to be read with the trust's results for the fourth quarter of its financial year 2025/2026, announced on April 28, 2026, and its notice says that it "may also contain forward-looking statements." Parts of it follow, not the whole.

Data Centers in the Portfolio

By the overview slide, data centers make up 57.3% of the trust's assets under management as at March 31, 2026, a total that includes the trust's 50% interest in a joint venture holding "three fully fitted hyperscale data centres and 10 powered shell data centres in North America." The deck describes its data centers as facilities used mainly to store and process data. These, it says, include core-and-shell to fully fitted facilities, which include building fit-outs as well as mechanical and electrical systems. They are "Leased to a mix of hyperscale providers, colocation providers and enterprise / end users." A slide headed "55 Data Centres Across North America" gives an occupancy rate of 86.1% for the fourth quarter of its financial year 2025/2026.

Diversified Mix of Data Centers

One slide splits the gross rental income of the data center portfolio, as at March 31, 2026, counting the joint venture at the trust's 50% interest. Under its heading on the split between lease types, powered shell data centers bring in 61.4% of it, fitted data centers 17.6%, and fitted hyperscale data centers 21.0%. The slide calls this a "Good mix of powered shell, fitted and fitted hyperscale data centres."

In a second ring under the same heading, about 76.5% of the data center portfolio is on triple net leases, under which, the slide says, the majority of outgoings are borne by the tenants, the outgoings being maintenance, tax and insurance charges. Double net and net leases bring in 12.7%, and gross leases 10.8%. Under its heading on the split between tenant types, colocation providers bring in 44.7%, enterprise and end users 25.1%, cloud and hyperscale providers 22.8%, and others 7.4%.

Proactive Asset Management

A slide headed "Proactive Asset Management" carries the line "Managing the impact of vacancies in North American Portfolio." The properties, it says, "are located predominantly in primary data centre markets in North America." It adds that the "Stability of Singapore and Japan Portfolio cushions headwinds from North American Portfolio." Under reletting, it lists "Early tenant engagement and active backfilling of vacant spaces."

Outlook

The deck's outlook says that "The confirmed non-renewal of leases within the North American Portfolio in FY26/27 and higher borrowing cost from the repricing of maturing interest rate swaps are expected to affect MIT's business performance in the near term." The trust's manager, it says, "will continue its leasing efforts to improve occupancies, particularly in North America."

On costs, the outlook says that inflationary pressures and higher energy costs may push up property operating expenses, but that "the impact of higher utility costs is expected to be partly mitigated." Such costs, it says, are "largely recoverable from tenants in the North American and Japan Portfolios," while power procurement contracts are secured through December 2026 for part of the Singapore portfolio. The manager, it adds, "continues to monitor potential second-order effects from these developments."

Costs that are largely recoverable still leave a part that is not.